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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: http://in.reuters.com/article/2015/04/09/india-moody-s-idINKBN0N004S20150409

 Courtesy: REUTERS

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Prime Minister participates in the first Outreach Session of G7 Summit
June 12, 2021
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Prime Minister Shri Narendra Modi participated in the first Outreach Session of the G7 Summit today.  

The session, titled ‘Building Back Stronger - Health’, focused on global recovery from the coronavirus pandemic and on strengthening resilience against future pandemics. 

During the session, Prime Minister expressed appreciation for the support extended by the G7 and other guest countries during the recent wave of COVID infections in India. 

He highlighted India's ‘whole of society’ approach to fight the pandemic, synergising the efforts of all levels of the government, industry and civil society.   

He also explained India’s successful use of open source digital tools for contact tracing and vaccine management, and conveyed India's willingness to share its experience and expertise with other developing countries.

Prime Minister committed India's support for collective endeavours to improve global health governance. He sought the G7's support for the proposal moved at the WTO by India and South Africa, for a TRIPS waiver on COVID related technologies. 

Prime Minister Modi said that today's meeting should send out a message of "One Earth One Health" for the whole world. Calling for global unity, leadership, and solidarity to prevent future pandemics, Prime Minister emphasized the special responsibility of democratic and transparent societies in this regard. 

PM will participate in the final day of the G7 Summit tomorrow and will speak in two Sessions.