Director General of Confederation of Indian Industries (CII) Chandrajit Banerjee on Friday termed global credit rating agency Standard and Poor's move to upgrade India's credit rating outlook from 'negative' to 'stable' a welcome development.
He said this change in India's credit rating outlook will improve investor confidence and improve companies' access to international funds.
He also said the outlook revision was based on the strong mandate received by the new government, which has enabled it to implement policies that will revive growth and boost investments.
"CII believes that with the recovery in growth and the improvement in the twin deficits, there is scope for a rating upgrade by SandP as well as other rating agencies," Banerjee said.
According to Banerjee, CII is certain that the government's determination to move swiftly on areas like GST, containing inflation in food products and achieving a sustained reduction in the fiscal deficit would further help this cause.
Earlier, global credit rating agency Standard and Poor's upgraded India's credit rating outlook from 'negative' to 'stable'. This change in the rating by Standard and Poor's symbolizes the return of foreign investor confidence in India.
