Politics
Moody’s Upgrade: No Improvement During UPA’s 10-Year Rule, But Chidambaram Says Credit Is All Congress’
Swarajya Staff
Nov 20, 2017, 01:05 PM | Updated 01:05 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Former Union finance minister P Chidambaram on Sunday claimed that United States-based credit rating agency Moody’s upgraded India’s ranking based mainly on the work done by the previous United Progressive Alliance (UPA) government.
“The ranking improved not because what happened yesterday but it improved based on what happened over seven or eight years. I am happy that Moody’s has raised India’s ranking… A major contribution to it was made by the UPA government and the other part of the contribution was by the present government,” he told reporters.
Moody’s had on Friday upgraded India’s credit rating with a stable outlook, citing improved growth prospects driven by economic and institutional reforms such as Goods and Services Tax and demonetisation. India’s rating was not upgraded even once during Congress-led UPA’s-10 year long rule.
The senior Congress leader took a swipe at the government for writing a letter to Moody’s five months ago, questioning its methodology to assess the ability of a country or company to service its debts in the medium to long run.
“Five months ago, this very government through its economic affairs secretary had written a strong letter to Moody’s, saying your methodology is useless. Today, they have fallen in love with Moody’s and I do not mind that,” he claimed. (PTI)
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.