According to Bharatiya Janata Party (BJP), now India will be able to get foreign investment and credit from international agencies on favorable terms.
BJP said Saturday the change has been possible by the higher credit rating of Baa2 given by international rating agency Moody’s which has come after a wait of 14 years.
The global rating agency Moody’s Investors Service upgraded India’s local and foreign currency issuer ratings on Friday to Baa2 from Baa3 and changed the outlook on the rating to stable from positive. This one-level shift from the lowest investment-grade ranking brings India in the category of other developing nations such as Philippines and Italy.
According to BJP national vice president and Delhi incharge Shyam Jaju, the credit for this success goes to Prime Minister Narender Modi for implementing GST (Goods and Services Tax) and Demonetization.
Jaju expressed his views at a program organized by traders and industrialists of Delhi. According to BJP, the speakers in this program also welcomed the decision to cut the rate of GST on about 200 items which were in the higher tax rate bracket.
Moody’s upgrades India’s sovereign rating for the first time in 14 years. pic.twitter.com/t0tARkJYuL
— BJP (@BJP4India) November 17, 2017
The vice president of Delhi Pradesh Udyog Mandal Gyan Ahuja and president of Trader Cell Kailash Gupta also participated in the program.
Jaju said that Modi has worked for social and economic welfare of the people by connecting them with Jan Dhan Yojna.
“What former Prime Minister and so-called internationally reputed economist Dr. Manmohan Singh could not achieve for the country now has been achieved by the Modi Government,” Jaju said.
Photo courtesy: BJP
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