In 2015, the rating outlook was changed to "positive" from "stable". "Also, Aadhaar revolution coupled with financial inclusion and its potential applications in transferring of pension, scholarship and government subsidies directly to account of actual beneficiaries under DBT Scheme is transforming the payment landscape in India", added Jaitley.
"We welcome this upgrade.this is a recognition and endorsement of all the reforms of the last few years, when a number of structural reforms have taken place and that took India on a path of high growth", Jaitley said.
It is encouraging that there is an worldwide recognition and this recognition firms our determination to follow the track that we have embarked upon.
It is also a recognition that India's continues to follow a path of fiscal prudence that has brought rock stability to the Indian economy.
Moody's Investors Service raised India's sovereign rating for the first time since 2004, overlooking short-term economic uncertainties to bet on the nation's prospects from a raft of policy changes by Prime Minister Narendra Modi.
"Key elements of the reform program include the recently-introduced Goods and Services Tax (GST) which will, among other things, promote productivity by removing barriers to interstate trade; improvements to the monetary policy framework; measures to address the overhang of non-performing loans (NPLs) in the banking system; and measures such as demonetization, the Aadhaar system of biometric accounts and targeted delivery of benefits through the Direct Benefit Transfer (DBT) system meant to reduce informality in the economy", the global credit rating agency has said in its statement. However, we must bear in mind that this is not something happening in isolation.
In another tweet, Shah also cited the recent Ease of Doing Business rankings and Pew Study that ascertained that PM Modi is the most popular politician. These are no small achievements.
There will be an important emphasis now on implementation and on reaping the benefits of growth process in terms of expenditure, infra building, and improving rural areas.
Jaitley said that to provide further impetus to the economy, "the present government has implemented a slew of economic reforms one after the other, including the Goods and Services Tax (GST) roll-out, introduction of Insolvency and Bankruptcy Code (IBC) and the recapitalisation package for the Public Sector Banks (PSBs)". Demonetisation has increased cashless transactions.