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18 November 2017, 12:23 | Kenneth Drake
The rating agency also said that India's growth potential is significantly higher than the most other baa rated sovereigns.
The rupee surged as much as 1.1 per cent on Friday after global rating agency Moody's Investors Service upgraded India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook to "stable" from "positive".
"Moody's has upgraded the government of India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive", the worldwide rating agency said in a release on Friday, adding that the government's wide-ranging economic and institutional reforms will improve the business climate and foster strong and sustainable growth.
The four institutions with revised rating are Export-Import Bank of India (EXIM India), HDFC Bank, Indian Railway Finance Corporation Limited (IRFC) and State Bank of India (SBI), Moody's said in a statement.
Furthermore, Jaitley said the steps taken by the government in the last few years have contributed to the strengthening of the Indian economy, which ultimately lead to the upgradation. "I am sure that many who had doubts would now seriously introspect on their own positions", he said in a jibe at critics.
Meanwhile the Sensex closed 236 points higher after the Moody's upgrade, while the NSE index rose almost 70 points.
India's economic growth had slipped to an over three-year low of 5.7 per cent in the first quarter.
Senior Bharatiya Janata Party leader Yashwant Sinha on Friday took a dig at the Narendra Modi government said that there should be a midnight ceremony in Parliament to celebrate Moody's upgrade of India's rating. S&P and Fitch Ratings have India a rung above junk.
Moody's pegged GDP growth at 6.7 per cent in FY18 and 7.5 per cent in FY19, with similarly robust levels of growth from FY20. "Maybe, the bank recap move convinced them that India is on the reform path and we mean business".
"It is an upgrade that has happened after 13 years".
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