Taking a jibe at the BJP-led central government, former finance minister Yashwant Sinha on Thursday reacted to Moody’s India rating upgrade saying a midnight ceremony should be held in celebration at the Central Hall of Parliament. Taking to Twitter, he added that we should “damn” Standard and Poor (S&P), a rival rating agency. Moody’s, after 13 years, upgraded India’s sovereign rating from Baa3 to Baa2 today.
“We should celebrate Moody’s upgrade by holding a midnight ceremony in Central Hall of Parliament and damn Standard and Poor,” Sinha tweeted. The BJP leader’s remarks came after US-based credit rating agency Moody’s upgraded India’s sovereign rating to Baa2 from Baa3 with a stable outlook on Friday.
Meanwhile, Finance Minister Arun Jaitley welcomed the rating upgrade, saying it is “belated recognition” of positive steps taken in the country in the recent years. He listed out the implementation of GST, the new insolvency and bankruptcy code and the government’s bank recapitalisation programme as reforms due to which India’s rating improved.
“It is extremely encouraging that there is an international recognition and the fact that this recognition merely furthers our determination to follow the track we have embarked upon,” Jaitley said, addressing a press conference. “After a long spell of 13 years, India gets the rating upgrade. I am sure that many who had doubts would now seriously introspect on their own positions.”
The rating is regarded as a barometer of the country’s investment climate. It allows insight into the level of risks, including political, associated with investing in a particular country.