Improved growth prospects for India in 2013: Moody's

Withdrawal of support to the government by an “obstinate coalition partner” and a flurry of reforms had improved India’s growth prospects in 2013, said global rating agency Moody’s today. “(Growth prospects have improved) with a new finance minister, the withdrawal of an obstinate coalition partner and a flurry of pro-business reforms designed to lift the economy from its funk...These moves are working,” Moody’s said in a report. The government has been able to push through economic reforms, especially allowing foreign investment in multi-brand retail, after withdrawal of support by the Trinamool Congress. The government had also expressed its commitment to raise FDI cap in the insurance sector. This would require approval of Parliament.