Afternoon D & C Dedicated To Mumbai
Home > Business > India pitches for rating upgrade by Fitch

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.

No Comments Posted
City news
The 166 passengers flying from Mumbai to Jaipur ...
A 35 year-old man has been arrested ...
The Union Civil Ministry has directed the Directo
Heart To Heart
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)At times it is a good thing to be under pressure, because it brings out your potential to the fullest. You will outsmart all your colleagues in the work you do. However, results may not match your expectations. Ganesha advises patience as results don't come overnight.
- Advertising -
Spare a thought for the environment as you immers
Chewing the mixture of areca nut and betel leaf p
There are very few people who can be recognised g
Read More