Encouraging to gain worldwide recognition: Jaitley on Moody rating

A Moody's sign is displayed on 7 World Trade Center the company's corporate headquarters in New York

Further, Jaitley opined that Moody "rightly recognised" the structural reforms undertaken such as the Goods and Services Tax (GST), monetary policy framework, addressing PSB recapitalisation issue and measures taken to encourage formalisation and digitalisation in the economy.

"And after a long spell of 13 years, India gets the rating upgrade".

Moody's Investors Service upgraded its ratings on India's sovereign bonds for the first time in almost 14 years on Friday, saying continued progress on economic and institutional reform will boost the country's growth potential.

"We welcome this upgrade, we believe that it is a belated recognition of all the positive steps which have been taken in India in the last few years, which has contributed to strengthening of Indian economy", Jaitley said.

The upgrade has not happened in isolation and for the last three years the India has been the fastest growing major economy, he added.

In 2015, the rating outlook was changed to "positive" from "stable".

Sovereign credit rating indicates the level of risk faced by investors while investing in a country.

U.S. hate crimes rose during fierce 2016 election, Federal Bureau of Investigation stats show
In California, the numbers also rose along with the rest of the nation: From 837 hate crimes in 2015 to 931 in 2016. More than half of those against people were assault cases, while almost 45 percent were crimes of intimidation .

In an official note, Moody's said the decision to upgrade India's rating was based on the expectation that continued progress on economic reforms will enhance India's high growth potential.

The "Baa3" rating was the lowest investment grade - just a notch above "junk" status.

"The reform program will thus complement the existing shock-absorbance capacity provided by India's strong growth potential and improving global competitiveness", it said.

Taking on opposition, Jaitley said those who had doubts about the government's reforms must introspect.

It cautioned however that high-debt burden remains a constraint on the country's credit profile.

Going forward, the government will continue to emphasise implementation of reforms and "reap the benefits of the growth process in terms of expenditure, infrastructure building and rural areas", Jaitley said.

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