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Moody's improves India's outlook on Baa2 due to economic reforms

The rating agency Moody's improved today the note of Indian public debt from Baa3 to Baa2, which still indicates a moderate credit risk, and the outlook from stable until positive.

New Delhi, Nov 17 (EFE) .- The rating agency Moody's today improved the note of Indian public debt from Baa3 to Baa2, which still indicates a credit risk moderate, and the perspective from stable to positive.

The rating agency considered that "the economic and institutional reforms will allow, over time, to improve the potential growth of India "and will contribute to" a gradual reduction of government debt in the medium term, "he said in a statement.

Moody's noted that the measures of the Government of Narendra Modi "have reduced the risk of a sharp increase in debt", among which cited the Goods and Services Tax (GST), although "India's high debt limits the country's credit profile. "

However, the agency noted that" many of these measures will need time to show results and some, such as the GST and demonetization, have undermined growth in the short term. "

There is still" much to be done ", especially in the application of the GST, to" weak "investment in the private sector and to" lack of progress in the agricultural and labor reform at the national level ", among other factors, Moody's warned.

The entry into force of the GST resulted in the unification of 17 indirect taxes and fees of the states and of the central Government in the same tax, and preceded by a great uncertainty in the entire Indian productive system.

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