"I am sure that many who had doubts would now seriously introspect on their own positions", he said in a jibe at critics of his government's reforms programme.
NEW DELHI:The rupee strengthened 64 paise to 64.68 against dollar in early trade on Friday after worldwide rating agency Moody's Investors Service upgraded India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook to stable from positive.
In the wake of India's rating being upgraded by global credit rating agency Moody, Finance Minister Arun Jaitley said it is "encouraging to gain worldwide recognition and not something that's happening in isolation".
Jaitley said that it is encouraging that there is an worldwide recognition and this recognition firms our determination to follow the track that we have embarked upon.
"Moody's believes that the reforms put in place have reduced the risk of a sharp increase in debt, even in potential downside scenarios". The country's sovereign rating has now moved a notch above Baa3, the lowest investment grade and just a level above junk rating, to Baa2. He specifically mentioned the roll-out of the monumental tax reform, GST; the Bank Re-Capitalization package, Ease of Doing Business in India, crackdown against black money, Demonetization and other follow-up measures; and reforms in the Foreign Direct Investment (FDI) Policy regime.
Furthermore, Jaitley said the steps taken by the government in the last few years have contributed to the strengthening of the Indian economy, which ultimately lead to the upgradation. "The structural reforms that have placed India on the path of a high trajectory growth", Jaitley said.
He added that coming from an global agency, the recognition is a source of encouragement.
Prior to this rating action, HDFC Bank's BCA and ratings were constrained by India's previous sovereign rating of Baa3 given the bank's significant exposure to the government in common with other Indian banks.
The upgrade came after 13 years. "The reform program will thus complement the existing shock-absorbance capacity provided by India's strong growth potential and improving global competitiveness", the rating agency said in a statement.