The Moody’s upgradation of India’s sovereign credit rating vindicates the Modi government’s “hard work and reform process”, BJP chief Amit Shah said today, exuding confidence that the country’s growth rate will soon touch 7.5 per cent. For the first time in 13 years, the US-based rating agency upped India’s credit rating, showing that the economic structure, ruined during the UPA’s 10-year rule, is now being strengthened by the Modi government, a BJP press release quoting Shah said. “The Modi government’s good governance and reforms receive yet another vindication. Moody’s upgrades India’s sovereign ratings for the 1st time since 2004,” Shah said in a tweet. India, which was once seen as one of the five fragile nations that posed a hurdle to global economic recovery, became the fastest growing major economy under the Modi government, he added.
Citing Moody’s, the BJP chief said the reforms initiated by the government yielded positive results in all segments of the economy. “Moody’s believes that the Modi government’s reforms will improve the business climate, enhance productivity, attract more investment and put India on a higher growth trajectory,” he said, adding “the country will soon achieve 7.5 per cent growth rate”. Referring to India’s recent jump in the ease of doing business index of the World Bank and findings of Pew research on Modi’s popularity, Shah said these are the reflection of the government’s hard work. “Prime Minister Modi has laid the foundation of new India so that the country can again become ‘Vishwa Guru’,” he said.
Later talking to reporters, Union Minister Piyush Goyal said the government will continue with reforms and the model of good governance adopted by it. “Now, after this upgradation of the ratings by Moody’s…what the ill-informed regard as Gabbar Singh Tax, the more informed recognised it (GST) as landmark of the Indian reform process,” Goyal said, targeting Congress vice president Rahul Gandhi. Gandhi recently called the GST Gabbar Singh Tax, invoking the tobacco-chewing dacoit of the 1975 Bollywood blockbuster ‘Sholay’, saying the new indirect tax regime was aimed at extorting money from common people.