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.
The rating upgrade comes after a gap of 13 years - Moody's had last upgraded India's rating to "Baa3" in 2004.
Moody's said the decision to upgrade the rating was underpinned by the expectation that continued progress on economic and institutional reforms will, over time, enhance India's high growth potential.
However, at a Morgan Stanley event in Singapore on Thursday, he had said, "No pause, but challenges arising from structural reforms (which) could change the (fiscal) glide path".
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The draft resolution was rejected as only four members of the council voted in favor, seven voted against and four abstained. A resolution needs nine votes in favour and no vetoes by the United States, France, Russia, Britain or China to be adopted.
In 2015, the rating outlook was changed to "positive" from "stable".
"It is an upgrade that has happened after 13 years".
Taking on detractors who have criticised reforms, including demonetisation and GST, Jaitley, said, "I am sure that many who had doubts would now seriously introspect on their own positions".
Tyagi also said the rating upgrade to Baa2 would further boost investments including foreign inflows.
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For long, India was rated by other rating agencies at Baa3, the lowest investment grade and just a notch above the junk grade, which has now been upgraded a notch higher by Moody's.
"We don't think the other two global rating agencies - Fitch and S&P - will follow-up in a hurry, based on their cautious rhetoric", she said, noting their concerns on "weak" state and central government finances.
It, however, said the high public debt burden remains an important constraint on India's credit profile relative to its peers, notwithstanding the mitigating factors which support fiscal sustainability.
Radhika Rao, an economist at DBS, said implementation of reforms, a subdued rural sector and weak investment have slowed economic growth while rising oil prices have raised the risks.
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The Narendra Modi government has just received a pat on the back from a heavyweight-credit rating agency Moody'.