MoS Finance Santosh Kumar Gangwar on Wednesday told CNBC-TV 18 that India is being praised among Emerging Markets globally. “India has maintained pace of reforms, completely optimistic about India’s prospects in future,” he said. Earlier today, International rating agency Standard & Poor’s affirmed its ‘BBB-/A-3’ credit ratings for India. The outlook for country remains stable, the agency said. ”External position remains a credit strength,” it said. “Eye India’s current account deficit at 1.4% in 2016 vs 2.1 in 2015 and expect India’s GDP growth at 7.9% in 2016,” it further added. It also said that it doesn’t expect to change its rating on India this year or even the next year. The rating agency also said that downward pressure on ratings would reemerge if MPC is not effective in meeting targets.
Meanwhile, promising continued policy push to boost economic activities and investment flows, Finance Minister Arun Jaitley recently said domestic reforms will “neutralise” any adverse impact of the global slowdown. Stating that the ease of doing business has improved massively since the Modi government came to power, Jaitley said many sectors have been brought into the automatic route and now we don’t have any instance of cases pending indefinitely before the Foreign Investment Promotion Board. He said various policy measures and “every significant decision of the government are aimed in one direction — that is to promote economic activities and make India more investment friendly”.