Following Moody’s and Fitch concerns, NaMo Govt calls out to India a bright spot

Warding off concerns over Indian economy and its business environment by rating agencies Moody’s and Fitch, the NaMo government reiterated that India continues to be a bright spot and has a “very robust” macroeconomic foundation for growth in place.

According to a report by ET, Minister of State for Finance, Jayanta Sinha also assured the investors that the government was prepared to deal with any aftermath of the Greek crisis.

"We have been able to put in place a very robust macroeconomic foundation for growth going forward. Macroeconomic indicators were very very toxic. Despite the global volatility that we are seeing right now, India is a rare bright spot. So, we have addressed underlying macroeconomic instability that we had. We have put in place road map of reforms," he said at an IVCA (Indian Private Equity and Venture Capital Association) event.

Explaining his point, he further added that the government is focusing on executing three important agenda -- banking reforms, GST and macro-economic stability -- in the remaining 3-4 years.

"Now our focus has shifted very much to execution agenda for remaining 3-4 years. We will have to push this forward. We will have to focus on execution agenda," he averred.

It should be noted that global rating agency Moody's expressed disappointment over policy stagnation under the NaMo government while Fitch lowered India's growth forecast to 7.8%.