Finance Minister Arun Jaitley termed the upgrading as 'belated recognition' of reforms undertaken, saying that the reform agenda would continue with emphasis on higher spending on infrastructure and in rural areas.
Elated at Moody's upgradation of India's sovereign credit rating, party president Amit Shah attributed it to "PM Modi's policy of reforms and their effective implementation". "The fact that the rating has been upgraded after 13 years shows how the Sonia Gandhi-Manmohan Singh government had destroyed the economic structure of the country," Shah said.
Reminding that recently India had improved 30 places in the World Bank's ease of doing business ranking, Shah said, "PM Modi has laid the foundation of a new India in the past three-and-a-half years," said Shah, adding, "During the Congress regime, the country witnessed being categorised among the Fragile-5 whose economies were in problems, but they were also a danger for the global economy."
Claiming that government during Congress rule was afflicted by "policy paralysis", Shah said all economic parameters had seen an upward swing under the Modi government. "Consumer inflation is progressively decreasing, the fiscal deficit is down from 5.9 per cent of the GDP to only 3.5 per cent, FDI inflow has shown record increase while the government is consistently moving towards fiscal consolidation."
Meanwhile, Finance Minister Arun Jaitley termed the upgrading as 'belated recognition' of reforms undertaken, saying that the reform agenda would continue with emphasis on higher spending on infrastructure and in rural areas. He said the government "intends to stay the course on fiscal consolidation in the medium term" .
"We welcome (the upgrade) and believe that it is a belated recognition of all the positive steps taken in India in the last few years which have contributed to the strengthening of the Indian economy," the FM said. "It is extremely encouraging that there is an international recognition (of reforms) and the fact that this recognition merely furthers our determination to follow the track we have embarked upon. The upgrade has not happened in isolation and for the last three years the India has been the fastest growing major economy," he added.
Jaitley said the upgrade recognised the major economic and institutional reforms undertaken by the government as he listed some such as GST, sound monetary policy framework, recapitalisation of public sector banks, demonetisation and use of Aadhaar to bring formalisation and digitalisation in the economy.
Meanwhile, Railway and Coal minister Piyush Goyal congratulated the FM, PM and the people of the country over the upgrade on behalf of the party.
"Our dharma is to stay on path of good governance and effective delivery to people of India. Endorsements, rating upgrade, certification, surveys, election results are incidental. We are working for people of India and people have endorsed us," Goyal said. He said the number of BJP-supported government went up from six in 2014, to 18. "By next month they will be 19 and we are fast transitioning to a corruption-free and, therefore, a Congress-free India."
Reforms outcome
Jaitley said the upgrade recognised the major economic and institutional reforms undertaken by the government as he listed some such as GST, and recapitalisation of public sector banks.
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