Moody's upgrades India rating outlook to positive

Published By : Admin | April 9, 2015 | 13:51 IST

Moody's ratings revised India's sovereign rating outlook to "positive" from "stable" on Thursday as it expects the actions by policymakers will enhance the country's economic strength in the medium term.

Moody's also said that it expected structural advantages, supported by relatively benign commodity prices and liquidity conditions globally, will keep India's growth above its peers over the rating horizon.

The outlook revision was announced before Indian markets opened on Thursday. Analysts said they expected bank stocks to rise and the rupee to strengthen on the upgrade.

The investor-friendly Narendra Modi government, which came to power last May promising faster growth, more jobs and quick clearances, has taken measures to fast-track clearances for investment projects, boost infrastructure investment and remove policy uncertainty in mining and coal sectors.

The government has also relaxed foreign investments in sectors such as defence, insurance, e-commerce, railways and eased steps to allow businesses to acquire land and set up factories.

"India's policymakers are establishing a framework that will likely allow India's growth to continue to outperform that of its peers over medium term and improve India's macro-economic, infrastructure and institutional profile," Moody's said in its statement.

Moody's has a Baa3 rating on India.

After a recent revision in the methodology of measuring gross domestic product, which raised a lot of scepticism from policymakers including government and central bank officials, India registered growth of 7.5 percent in the December quarter, higher than China's.

Read more: https://in.reuters.com/article/2015/04/09/india-moody-s-idINKBN0N004S20150409

 Courtesy: REUTERS

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Prime Minister congratulates people of Nagaland on completion of 25 years of Hornbill Festival
December 05, 2024
Urges citizens to visit the festival and experience the vibrancy of Naga culture

The Prime Minister, Shri Narendra Modi has congratulated the people of Nagaland on completion of 25 years of Hornbill Festival. He also conveyed his best wishes and expressed happiness on the festival’s focus on waste management and sustainability. Shri Modi recalled fond memories from his visit to the festival a few years ago and urged others to visit it and experience the vibrancy of Naga culture.

Sharing a post on X by Chief Minister of Nagaland, Shri Neiphiu Rio, the Prime Minister wrote:

“My best wishes for the ongoing Hornbill Festival and congratulations to the people of Nagaland on this lively festival completing 25 years. I am also glad to see the focus on waste management and sustainability during this year’s festival.

I have fond memories from my own visit to this Festival a few years ago and I urge others to visit it and experience the vibrancy of Naga culture.”