When Moody’s boosted India’s rating on January 21, it added fuel to a stock market already breathless from its steep climb last year. Citing India’s strong external payments position and progress on peace talks with Pakistan, the rating agency raised India’s long-term foreign currency rating to investment grade; India still has a non-investment grade ratings from other agencies.
India’s economy is expected to grow at around 7% in the fiscal year to March. Forex reserves are at a record $103 billion.
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