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Moody’s ratings upgrade after 13 years extremely encouraging: Jaitley
New Delhi, Nov 17 (IANS) Finance Minister Arun Jaitley said on Friday that US credit rating agency Moody’s upgrading India’s sovereign rating was an extremely encouraging international recognition of the structural reforms undertaken by the government including demonetisation, Goods and Services Tax (GST) and recapitalization of public sector banks.
“It is a belated recognition of all the positive steps taken in the last few years. It is a recognition and an endorsement of the process that India has undergone in the last three-four years where a number of structural reforms have placed India on a higher growth trajectory,” he told reporters.
Moody’s upgraded India’s sovereign rating to Baa2 from its lowest investment grade of Baa after a gap of 13 years. It also upgraded India’s local and foreign currency issues rating to Baa2 from Baa3.
Moody’s has changed the outlook for the country’s rating to stable from positive and said this was based on the Indian government’s “wide-ranging programme of economic and institutional reforms”.
Jaitley said the government had shown fiscal prudence through a series of steps in the last few years like demonetisation, introduction of Aadhaar, Insolvency and Bankruptcy Code, recapitalization of public sector banks and smooth transition to the GST that have led to better economic situation.
“The decision to upgrade the ratings is underpined by Moody’s expectation that continued progress on economic and institutional reforms will, over time, enhance India’s high growth potential and its large and stable financing base for government debt, and will likely contribute to a gradual decline in the general government debt burden over the medium term,” a Moody’s Investor Service release said.
Jaitely said: “Smooth transition of GST is universally recognised as a landmark reform in Indian tax structure. All these steps which constituted major reforms are directional in nature. All steps taken in the last few years had a roadmap.
“It is extremely encouraging that there is an international recognition after 13 years. This is not something that is happening in isolation.
“For three years we were doing a lot of structural reforms. Even we have moved up 30 places in World Bank’s Ease of Doing Business. Now after a long spell of 13 years, India gets rating upgradation,” the minister added.
The minister said that with the introduction of GST, market barriers had been removed. Also, demonetization had made the country less cash currency oriented and made it more digitised.
“Our track record for the last three years speaks for itself and we intend to move on that. We will maintain fiscal prudence,” he added.
Chief Economic Adviser Arvind Subramanian, who was at the press meet, said the ratings upgrade was a welcome collateral for government actions.
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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