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India pitches for rating upgrade by Fitch

Thursday, March 08, 2018

India yesterday coaxed Fitch to upgrade its sovereign rating, unchanged for almost 12 years, saying that structural reforms and stabilisation of the new GST regime have helped the country recapture the fastest growing economy tag and the government will stick to its revised targets for lowering Budget deficit.

India wants Fitch Ratings to take follow rival Moody’s Investors Service, which in November gave the country its first sovereign rating upgrade since 2004. Fitch had last upgraded India's sovereign rating from BB+ to BBB- with stable outlook on August 1, 2006 and is due for an annual review in a couple of months.

Top finance ministry officials led by Economic Affairs Secretary Subhas Chandra Garg, Chief Economic Advisor Arvind Subramanian and Principal Economic Advisor Sanjeev Sanyal laid bare the government's reforms roadmap when Fitch Director, Sovereign Ratings, Thomas Rookmaaker and other officials met them here, sources said.

They are understood to have explained that the slippage in fiscal or budget deficit target for the current fiscal was a mere arithmetic slippage caused mostly due to just 11-months of Goods and Services Tax (GST) revenues accruing to the government instead of full 12 months.

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