Moody’s has upgraded India’s sovereign rating on expectations of continued progress for economic and institutional reforms.
The upgrade from Baa2 to Baa3 by the US rating agency follows sweeping changes under prime minister Narendra Modi, including the introduction of a goods and services tax and a controversial demonetisation programme.
Moody’s said it expects “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.”
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