Our reform process will continue unabated, says Amitabh Kant

NITI Aayog CEO Amitabh Kant on Saturday said that the upgrade of India's sovereign rating has got India its recognition of the vast number of structural, institutional and procedural reforms taken so far.

"The upgrade should have come much earlier but it has come now. For 14 years it did not upgrade India, but our reform process will continue unabated," Amitabh Kant told ANI.

Moreover, he added that the agency's decision comes for the Indian governments reforms, which have been carried out keeping financial discipline maintained.

"The fiscal deficit has been steadfastly held onto and there has been macro-economic stability in the country. There have been very few countries which have undergone such a vast number of structural reforms without impacting fiscal discipline," he added.

Earlier on Friday, the credit rating agency 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 global rating company said the reforms undertaken by the government would lead to an enhanced business environment, fuelling the foreign and domestic investment, and subsequently the growth momentum.

It also noted that the reforms implemented reduced the risk of a sharp increase in debt, even in potential downside scenarios.