Economic Affairs Secretary Shaktikanta Das said the government has highlighted the overall economic situation and challenges in major sectors.
- Government has pitched for rating upgrade with Fitch
- Government highlighted overall economic situation, said Shaktikanta Das
- In December, Fitch affirmed 'BBB-' rating on India with stable outlook
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New Delhi: The government on Tuesday pitched for a rating upgrade with global agency Fitch citing improvement in macroeconomic conditions and its commitment to fiscal consolidation.
"We highlighted the overall economic situation and in all the major sectors the challenges which the economy faces and what is the outlook for the next year," Economic Affairs Secretary Shaktikanta Das told reporters after a two-hour long meeting with representatives of the agency.
Fitch Ratings had in December affirmed a 'BBB-' rating on India with a stable outlook, and has forecast an 8 per cent growth for 2016-17.
'BBB-' is the lowest investment grade and just a notch above junk grading.
Chief Economic Advisor Arvind Subramanian had earlier said the government has pitched for a rating upgrade with Fitch stating that the Finance Ministry was committed to the fiscal consolidation path.
Asked about the agency's views on India, Fitch Ratings primary analyst Thomas Rookmaaker said, "We are now in the process of our review. It is going to take some time."
The economy expanded 7.6 per cent in fiscal year 2015-16. The government expects it to grow by 7-7.75 per cent in the current fiscal year.
During the meeting, Finance Ministry officials also highlighted the reform initiatives of the government - which include new bankruptcy code, creation of an interest rate setting monetary policy committee, and amendments to the Debt Recovery Tribunal (DRT) and Sarfesi Acts.
Also, in order to reset the fiscal goal post in the long run, the government has set up a committee to review the long-term fiscal target.
Besides, the officials also reiterated the government's commitment to introduce Goods and Services Tax (GST) at the earliest.
"We highlighted the overall economic situation and in all the major sectors the challenges which the economy faces and what is the outlook for the next year," Economic Affairs Secretary Shaktikanta Das told reporters after a two-hour long meeting with representatives of the agency.
Fitch Ratings had in December affirmed a 'BBB-' rating on India with a stable outlook, and has forecast an 8 per cent growth for 2016-17.
'BBB-' is the lowest investment grade and just a notch above junk grading.
Chief Economic Advisor Arvind Subramanian had earlier said the government has pitched for a rating upgrade with Fitch stating that the Finance Ministry was committed to the fiscal consolidation path.
Asked about the agency's views on India, Fitch Ratings primary analyst Thomas Rookmaaker said, "We are now in the process of our review. It is going to take some time."
The economy expanded 7.6 per cent in fiscal year 2015-16. The government expects it to grow by 7-7.75 per cent in the current fiscal year.
During the meeting, Finance Ministry officials also highlighted the reform initiatives of the government - which include new bankruptcy code, creation of an interest rate setting monetary policy committee, and amendments to the Debt Recovery Tribunal (DRT) and Sarfesi Acts.
Also, in order to reset the fiscal goal post in the long run, the government has set up a committee to review the long-term fiscal target.
Besides, the officials also reiterated the government's commitment to introduce Goods and Services Tax (GST) at the earliest.
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