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Economy Not Out of the Woods Yet, Says Manmohan on Moody's Upgrade

"I am glad that Moody's has done what they have done but we must not be, I think, lured into false belief that we are out of the wood," Singh said, reacting to a query on Moody's rating.

News18.com

Updated:November 18, 2017, 10:56 PM IST
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Economy Not Out of the Woods Yet, Says Manmohan on Moody's Upgrade
File photo of former prime minister Manmohan Singh. (PTI)
Kochi: Former prime minister Manmohan Singh on Saturday reacted to India’s sovereign credit rating upgrade by Moody’s, saying the NDA government should not be "lured into false belief" that the economy is out of the woods.

The US-based agency upped India's rating to Baa2 from Baa3 and changed its rating outlook to 'stable' from 'positive', saying the reforms will help stabilise rising levels of debt.

"I am glad that Moody's has done what they have done but we must not be, I think, lured into false belief that we are out of the wood," Singh said, reacting to a query on Moody's rating.

The economy needed strong purposeful guidance to move forward at the rate which the government itself says they want the country to move eight to 10 per cent, Singh said on the sidelines of a national seminar on 'Macro Economic Developments in India: Policy Perspectives' organised by the Economics Department of St Teresa's College, Ernakulam.

His comments came in the wake of Finance Minister Arun Jaitley terming the Moody's upgrade after 13 years as "belated recognition" of reforms undertaken. Singh also cautioned that the soaring prices of the crude oil could "hurt the fiscal system" of the country.

"Now the crude oil prices are $62-64 whereas few months ago, they were about 40-45. So it can hurt balance of payment. It can also hurt the fiscal system as well," Singh said.

Asked how different he would have implemented the GST, Singh said there was "undue haste" in implementing the new taxation system and blamed the bureaucracy for its lack of preparedness.

"Both in administration and implementation, I think there is much to be desired and the very fact that the council has met so many times, they have now reduced rates of 211 items."

That showed that there was undue haste in implementation and the bureaucracy had not done its homework, he said.

(With PTI inputs)
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Ananya Chakraborty
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