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Government’s good work led to Moody’s upgradation: India Inc

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New Delhi, Nov 17 (IANS) Echoing the government’s views, Indian industry said on Friday Moody’s sovereign rating upgrade was in sync with the various government reform measures over the last three to four years.

“Moody’s upgrade of India’s rating is a reaffirmation of the various reform measures undertaken by the government over the last three to four years and we welcome this move”, said FICCI President Pankaj R. Patel.

“The ratings upgrade along with the recently reported improvement in India’s ease of doing business ranking underline the fact that we are moving in the right direction. India’s growth story is more promising than ever and we see a further improvement in confidence level of global investment community. This move will not only give a further push to foreign investment inflows into the country but will also enhance our prospects of borrowing money abroad at better rates,” he added.

US credit rating agency Moody’s on Friday upgraded India’s sovereign rating to Baa2 from its lowest investment grade of Baa, while changing the outlook for the country’s rating to stable from positive, and said its was based on the Indian government’s “wide-ranging programme of economic and institutional reforms”.

The rating agency simultaneously upgraded India’s local and foreign currency issuer rating to Baa2 from Baa3.

“The decision to upgrade the ratings is underpinned 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.

“Government’s approach towards reforms has been holistic. The commitment towards assuring a conducive environment for businesses and various measures undertaken for financial and social inclusion are noteworthy,” Patel said.

“The government has been constantly reviewing the Good and Services Tax post implementation to ensure a smooth transition. Further, the recently announced recapitalisation package for banks along with the earlier announced measures will expedite the resolution of stressed assets making space for fresh investments to kick- in,” said Patel.

“Rating upgrade by Moody’s Investors Service on India’s sovereign bonds would make a huge a difference to India Inc’s capacity to tap the global financial markets at very competitive rates,” said Assocham Secretary General D.S. Rawat.

“With reinforcement of a perception of being a prudent and growing economy, India would continue to attract foreign funds both in the form of FDI and FII. Some of the recent steps like recapitalisation of banks, Good and Services Tax, taking off the Insolvency and Bankruptcy Code have gone quite well with the Moody’s,” he added.

“The ratings upgrade underlines the efficacy of the bold structural reforms undertaken by the government in recent years. It clearly shows that the economy is turning the corner and poised for a big leap forward, highlighting the immense potential that India offers as a global investment destination. More importantly, it also emboldens the government to stay true to the path of strong and transformational reforms in the coming days,” said Sunil Bharti Mittal, Chairman, Bharti Enterprises.

“We believe that Moody’s rating upgrade is a big boost for India, as it will improve sentiments around ease of doing business within local and global investors. This will also advance the government’s objective of enhancing productivity and driving sustainable growth. Improvement in the credit profile will be a big positive for Indian companies and the government,” said Sumeer Chandra, Managing Director, HP Inc.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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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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