New Delhi : Days after Fitch Ratings denied India a rating upgrade for the 12th year in a row, the government said the country “deserves” an upgrade on the strength of “major structural and fundamental reforms” undertaken.
Economic Affairs Secretary Subhash Chandra Garg said Fitch’s action did not come as a surprise as the rating agency had in discussion earlier indicated its focus on level of government debt even though it had a very favourable view on India’s economy.
“We truly believe, we honestly believe India deserves an upgrade. The performance, macroeconomics parameters everything has stabilised,” he said. The government, he said, will continue engage with rating agencies and “try to convince” them of “achievement and real performance in the economy.” “The kind of major structural and fundamental reforms undertaken in the country so far are truly global, they are really big,” he said, adding that the Goods and Services Tax (GST) transformed the indirect taxation system in the country and the Insolvency and Bankruptcy Code is transforming the way the country resolves its non-performing assets.
