Let's celebrate Moody's by damning Standard and Poor's: Yashwant Sinha

NEW DELHI: Senior Bharatiya Janata Party (BJP) leader Yashwant Sinha on Friday hit out at the Narendra Modi government for celebrating Moody's upgrading India's credit rating. "We should celebrate Moody's upgrade by holding a midnight ceremony in Central Hall of Parliament and damn Standard and Poor's," he tweeted on Friday.

Pinning faith in India's progress on the economic front, Moody's Investor Services on Friday upgraded the country's ratings for the 1st time since 2004. Moody's said that the recently-introduced goods and services tax (GST) will promote productivity by removing barriers to interstate trade.

However, unfaced by Moody's appreciation, Standard and Poor's reportedly said that India needs to address its weak fiscal position. S&P has till now retained India's rating at 'BBB-' with a stable outlook.

Hailing Moody's ratings, Finance Minister Arun Jaitley said that it is a belated recognition of all the positive steps taken with regards to the Indian economy. "We welcome this upgrade, we believe that it is a belated recognition of all the positive steps which have been taken in India in the last few years, which has contributed to the strengthening of the Indian economy," Jaitley said on Friday.