Moody's upgrade positive signal for economy: Shaktikanta Das

Former Economic affairs secretary Shaktikanta Das on Friday hailed Moody's upgrade of India's sovereign rating as an extremely positive signal for Indian economy.

"It is an extremely positive signal for investment happening in India - both foreign and private," Shaktikanta Das said.

He also said, investment is likely to rise as the growth outlook for India is 6.7 percent for the current year and 7.5 percent for the next year.

"Large number of reforms have happened in India in the last three years - economic, structural, and institutional. All measures have been on track. The fiscal parameters are robust - current account deficit, macroeconomic parameters, are strong. India deserved a rating upgrade," said the former Economies Affairs Secretary.

Earlier in the day, Moody upgraded India's sovereign rating to Baa2 from Baa3 and changed the outlook to stable from positive, thus providing a much-needed impetus to the Modi government.

The former Economis Affairs Secretary also welcomed the setting up of a National Anti-profiteering Authority saying that consumers need to get the benefit of reduced prices under the GST regime.