Rating upgrade recognises reforms by Modi govt, good news for industry

New Delhi: Moody's upgrading India's sovereign credit rating is a recognition of a series of reforms undertaken by the government, Commerce and Industry Minister Suresh Prabhu said on Friday.

"#IndiaUpgrade by #Moody is a recognition of series of reforms undertaken by the government...This comes amidst slew of global recognitions," he said in a tweet.

Meanwhile, JSW Steel chairman Sajjan Jindal said that the upgrade is reaffirmation of country's economic fundamentals for long term sustainable growth.

"#Moody 's rating upgrade is a reaffirmation of improvement in India's economic fundamentals for long term sustainable growth. Took more than a decade but is a big positive development for the Indian economy," he said in a tweet.

After a gap of 13 years, the US-based Moody's on Friday upgraded India's sovereign credit rating by a notch to 'Baa2' with a stable outlook citing improved growth prospects driven by economic and institutional reforms.

"It will boost capital flows & allocations and will improve the availability of overseas funds. Good news for the industry," Jindal said.