Moody’s Upgrade: No Improvement During UPA’s 10-Year Rule, But Chidambaram Says Credit Is All Congress’

Former Union finance minister P Chidambaram on Sunday claimed that United States-based credit rating agency Moody’s upgraded India’s ranking based mainly on the work done by the previous United Progressive Alliance (UPA) government.

“The ranking improved not because what happened yesterday but it improved based on what happened over seven or eight years. I am happy that Moody’s has raised India’s ranking… A major contribution to it was made by the UPA government and the other part of the contribution was by the present government,” he told reporters.

Moody’s had on Friday upgraded India’s credit rating with a stable outlook, citing improved growth prospects driven by economic and institutional reforms such as Goods and Services Tax and demonetisation. India’s rating was not upgraded even once during Congress-led UPA’s-10 year long rule.

The senior Congress leader took a swipe at the government for writing a letter to Moody’s five months ago, questioning its methodology to assess the ability of a country or company to service its debts in the medium to long run.

“Five months ago, this very government through its economic affairs secretary had written a strong letter to Moody’s, saying your methodology is useless. Today, they have fallen in love with Moody’s and I do not mind that,” he claimed. (PTI)