Finance Minister Nirmala Sitharaman has said that S&P Global Ratings’ revision of its outlook on India from ‘stable’ to ‘positive’ is a welcome development. In a social media post, she said that this reflects India’s solid growth performance and a promising economic outlook for the coming years.
The Finance Minister attributed this development to the series of macroeconomic reforms undertaken since 2014, along with a substantial outlay for capex, fiscal discipline, and decisive and visionary leadership. She further added that India is well on track to become the third-largest economy.
Meanwhile Bharatiya Janata Party has credited the S&P Global Ratings’ revision in India’s outlook to the Narendra Modi government’s policy interventions and steps taken to strengthen the economy. The rating agency has changed India’s outlook from ‘stable’ to ‘positive’.
Briefing media in New Delhi, party spokesperson, Syed Zafar Islam said that the BJP-led government has taken several initiatives to boost the economy and make structural reforms in the last ten years. He said the ease of doing business has improved under the Modi government.
Mr. Islam alleged during the previous UPA rule, the economy was facing policy paralysis and it was under a fragile five-year economy. He added that due to effective policy interventions during the Covid pandemic and the Ukraine-Russia conflict the outlook of India’s economy reflects positive growth.