Moody's upgrades India's sovereign bond rating for first time in 14 years

"The rating upgrade is likely to trigger more fund flows into equities as there is little debt investment limit available now".

Former Economic Affairs Secretary Shaktikanta Das said in a tweet: "Moodys upgrade India's credit rating after 13 years".

Prior to this rating action, HDFC Bank's BCA and ratings were constrained by India's previous sovereign rating of Baa3 given the bank's significant exposure to the government in common with other Indian banks. Moody's had in 2015 changed rating outlook to "positive" from "stable". "We welcome it and believe that it is a belated recognition of all the positive steps taken in India in the last few years which has contributed to the strengthening of the Indian economy", he told reporters.

US-based Moody's 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. While upgrading the rating, Moody's cited reforms like the recently- introduced GST, improvements to the monetary policy framework, measures to clean up non-performing loans and efforts to bring more areas into the formal economy.

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Chief Economic Advisor Arvind Subramanian, whose Economic Survey had a piece on the "poor standards" of the rating agencies, echoed these sentiments, noting that the upgrade was long overdue. "It is a major worldwide recognition of major economic and institutional reforms undertaken by the Government of India", he said while addressing a press conference here. Railway Minister Piyush Goyal said the government will stay on the path of good governance.

It, however, said the high public debt burden remains an important constraint on India's credit profile relative to its peers, notwithstanding the mitigating factors which support fiscal sustainability.

According to Moody's, real GDP growth will moderate to 6.7 percent in the fiscal year ending in March 2018 and will rise to 7.5 percent in the next financial year with similarly robust levels of growth from 2019 onward.

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