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Rahul Gandhi May Disagree, But Moody’s Says DeMo Was A ‘Key Element’ Of Modi’s Reform Program
Swarajya Staff
Nov 17, 2017, 02:01 PM | Updated 02:01 PM IST
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Global rating agency Moody's, which on Thursday raised India's sovereign credit rating to 'Baa2' from 'Baa3' for the first time in 13 years, has identified demonetisation of high-value currency notes announced in November 2016 as a key element of Prime Minister Narendra Modi’s economic reform program.
“Key elements of the reform program include the recently-introduced Goods and Services Tax which will, among other things, promote productivity by removing barriers to interstate trade; improvements to the monetary policy framework; measures to address the overhang of non-performing loans in the banking system; and measures such as demonetization.” the agency noted in its report.
This comes as a blow to the opposition, which has been dubbing demonetisation as a ‘disaster’ ahead of crucial assembly elections in Gujarat.
The United States-based agency also recognised ‘the Aadhaar system of biometric accounts and targeted delivery of benefits through the Direct Benefit Transfer (DBT) system’ as a key element of the reform program. These measures were intended to reduce informality in the economy, the agency’s report said.
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