New Delhi, Nov 24 (UNI) Minister of Defence and former Commerce Minister Nirmala Sitharaman on Friday hailed Standard & Poor (S&P) latest rating for India and said this showed the Indian economy was strong and the government was taking it on the right track.
The leading global rating agency in its report released this evening retained India's outlook as stable and kept the rating unchanged at BBB.
Talking to reporters, Ms Sitharaman said, “S&P Global has lauded the Narendra Modi government for passing a number of reforms that address long standing impediments to the country’s growth, whilst affirming India’s existing rating at BBB.”
The rating agency has appreciated the government for taking various steps in keeping the economy stable.
The report has underlined the fact that the Indian economy strength is because of the stable environment which is prevailing …and other various reformatory steps were taken are mentioned in the report, she added.
“Reforms such as demonetization and GST may have led to some quarterly cooling but the medium term outlook for growth in India is favourable. This is based upon private consumption, ambitious public infrastructure investment programme and abank restructuring plan that will help investments,” Ms Sitharaman told reporters.
Further, she added the agency has also inferred that over the next two years, growth in India will remain strong and India will maintain its sound external accounts position.
Last week, Moody had upgraded India’s sovereign ratings to Baa2 from its lowest investment grade Baa3, citing the Modi government’s wide-ranging programme of economic and institutional reforms.
As per World Bank’s latest report, India has jumped 30 spot in ease of doing business to 100th rank among 190 countries.
“Whether its World Bank rankings on ease of doing business, Moody's rating or S&P now, it is clearly indicating that the Indian economy is strong, moving forward and has the potential for growing at a very high rate,” the minister added.
India was ranked 142 during Modi’s first year in office in 2014.

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