Moody's India upgrade: Will continue reforms, says FM

Agencies
November 17, 2017

New Delhi, Nov 17: Finance Minister Arun Jaitley today termed the upgrade of India's credit rating by Moody's after a gap of 13 years as a "belated recognition" of reforms in the last few years and vowed to continue them while maintaining fiscal discipline.

Commenting on Moody's upgrading India to Baa2, from Baa3, he said it is a recognition that India continues to follow the path of fiscal prudence which has brought stability to the economy.

"It is an upgrade which has happened after 13 years. We welcome it and believe that it is a belated recognition of all the positive steps taken in India in the last few years which have contributed to the strengthening of the Indian economy," he told reporters here.

The upgrade is a recognition of the reform process in India, particularly in the last 3-4 years, in which structural reforms placed India on a high growth trajectory, he said.

Listing the series of reforms which led to the upgrade, he said while demonetisation took the economy towards greater formalisation and digitisation, use of Aadhaar ensured targeted delivery of government benefits.

Also, a new insolvency and bankruptcy code has been enacted, massive bank recapitalisation programme formulated and a smooth transition to GST has happened, he said

The GST itself has been universally regarded as landmark reform in the tax structure, he added.

Stating that all these steps constitute major reforms and are directional, he said the rating upgrade, therefore, is "extremely encouraging".

Jaitley said: "It is extremely encouraging that there is an international recognition and the fact that this recognition merely furthers our determination to follow the track we have embarked upon."

He said the upgrade has not happened in isolation and for the last three years, the India has been the fastest-growing major economy.

"And after a long spell of 13 years, India gets the rating upgrade. I am sure that many who had doubts would now seriously introspect on their own positions," he said in a jibe at critics of his government's reforms programme.

The government, he said, will maintain the fiscal discipline and continue to remain in fiscal glide path.

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News Network
April 29,2024

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Bagalkot, Apr 29: Prime Minister Narendra Modi on Monday accused the Congress of planning religion-based reservation in the country for the sake of vote bank politics but asserted that he will not let it happen.

He said this Congress proposal is to appease minorities as the SC/ST and OBC community is now with the BJP.

"In Karnataka, Congress has started a campaign to change the Constitution and to snatch away the rights of SC/ST and OBCs. Our Constitution does not accept religion-based reservation. But the Karnataka government has given part of OBC reservation to Muslims," Modi said.

Addressing a mega election rally in this district headquarters town, he said, "They (Congress) will not settle with this. They had earlier too in their manifesto said about coming out with a law to provide religion-based reservation. There is a similar signal in their manifesto this time."

"I want to make my Dalit, SC/ST and OBC brothers and sisters aware about Congress' intentions. These people on the basis of religion, to keep their vote bank safe, are planning to loot your right which was given by Babasaheb Ambedkar and the Constitution," he added.

Veteran BJP leader B S Yediyurappa, BJP candidates and MPs from Bagalkot (Bagalkot) and Vijayapura (Bijapur) - P C Gaddigoudar and Ramesh Jigajinagi, respectively - were among those present at the rally.

Noting that most of SC, ST and OBC MPs in the Parliament are from BJP, Modi said, "So they feel that as SC, ST and OBC are with BJP. To gain the trust of minorities, they want to loot from SC, ST and OBC and give it to minorities. Will you let this happen?"

"I want to guarantee today to my Dalit, Adivasi and OBC brothers and sisters. I will not let such intentions of Congress be successful. To protect your rights, your reservation, Modi will go to any extent. I'm assuring you this," he added.

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News Network
May 1,2024

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Karnataka Chief Minister Siddaramaiah on Wednesday attacked the BJP over the obscene video case in Hassan district by questioning who gave the accused Prajwal Revanna a visa to go abroad. He also hit out at Union Minister Amit Shah asking why did he gave a ticket to Hassan JD(S) MP Prajwal, who is the accused in the sex scandal case. 

He alleged that former Prime Minister and JD(S) supremo H D Deve Gowda planned the escape of his grandson and Hassan MP Prajwal Revanna abroad. 

“Who gives passport and visa for travelling abroad? It’s the Centre. Can he go without the Centre’s knowledge? It was former Prime Minister H D Deve Gowda who planned and sent him abroad,” the Chief Minister said.

"Prajwal pen drives case is not related to DCM DK Shivakumar. Why did Amit Shah give a ticket to the accused of a sex scandal?" he questioned.

Siddaramaiah also wrote to Prime Minister Narendra Modi requesting him to direct the Ministry of External Affairs and Ministry of Home Affairs to cancel the Diplomatic Passport issued to Prajwal Revanna and ensure his return to face the law.

Prajwal is accused in an alleged sex scandal which is under investigation by a Special Investigation Team (SIT) constituted by the Karnataka government. He is believed to have escaped to Germany shortly after polling in the first phase of elections in the state got over on April 26, in which Prajwal was the JD(S)-BJP combine's candidate from Hassan. 

The Karnataka CM said that SIT will conduct an investigation in a transparent manner in the case.

Earlier, Siddaramaiah wrote on X, "The government has decided to form a special investigation team in connection with Prajwal Revanna's obscene video case. Obscene video clips are circulating in Hassan district, where it appears that women have been sexually assaulted."

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News Network
May 6,2024

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The Israeli regime is forcibly evacuating Palestinians from the eastern part of Rafah in the southern Gaza Strip amid the prospect of its widely-discouraged ground invasion.

“The estimate is around 100,000 people,” an Israeli military spokesman told journalists on Monday when asked how many people were being evacuated.

International organizations, including the United Nations, have repeatedly warned the regime against invading the city, citing its hosting around 1.5 million Palestinian refugees.

UN Secretary-General Antonio Guterres said a ground assault on Rafah would “put the final nail in the coffin” for humanitarian aid operations in the Gaza Strip.

The UN Office for the Coordination of Humanitarian Affairs also said, “Any ground operation would mean more suffering and death,” with an official saying “It could be a slaughter of civilians.”

Multiple aid agencies, including the Norwegian Refugee Council, have likewise warned against a Rafah offensive.

The NRC said such an invasion “would profoundly exacerbate the already catastrophic levels of need and the humanitarian emergency for millions of civilians with nowhere left to go.”

The official alleged Hamas had killed three Israeli forces on Sunday, attacking them from Rafah.

The evacuation order came a sat least 22 people lost their lives in the regime’s airstrikes killed in Rafah earlier on Monday.

Rafah’s evacuation “is part of our plans to dismantle Hamas,” the Israeli spokesman added, referring to the Palestinian resistance movement that has been defending Gaza in the face of the war.

The Palestinians have fled there from the ravages of a war that the regime began waging against Gaza on October 7, following a retaliatory operation by the coastal sliver’s resistance groups.

At least 34,683 Palestinians, mostly women and children, have been killed and 78,018 others injured so far during the brutal military onslaught.

On Friday, Hossam Badran, a member of Hamas’ Political Bureau, said Israeli prime minister Benjamin Netanyahu’s insistence on carrying out a ground invasion of Rafah was a key stumbling block in negotiations aimed at a truce agreement.

The Israeli premier has said the regime would go ahead with invading the city “with or without” a truce.

Hamas has, however, asserted that the regime has failed to defeat the resistance during the war.

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