India has pushed for a sovereign ratings upgrade from the global rating agency - Moody’s.
Government officials made a strong case for the upgrade on the back of India’s growth numbers, falling inflation and general stability in the financial sector when they met senior executives of Moody’s in New Delhi on Friday. Government borrowing, state budgets and divestment targets were also discussed.
So far, Moody’s has rated India at Baa, the lowest investment grade with a stable outlook. But in the previous annual rating review Moody’s upgraded India’s outlook from negative to stable.
In fact, the Chief Economic Advisor (CEA) Anantha Nageswaran who has been leading the ratings reviews for India, had remarked in a CII interactive session last week, “Getting a better credit rating is not just a question of prestige it’s a question of actually putting more money in the hands of people through lower interest rates so we are at it,” the CEA had said.
Earlier also, the Indian government had met Fitch & Standard & Poor's (S&P) for a similar ratings review and had pitched for a ratings upgrade given its strong macroeconomic fundamentals in the face of severe global headwinds.
Neither of the global rating agencies has changed India's ratings so far despite acknowledging India’s favourable growth story.
First Published: Jun 16, 2023 4:38 PM IST
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