Earlier on Friday, the US-based credit rating agency Moody's had upgraded India's sovereign credit rating by a notch to "Baa2" with a stable outlook citing improved growth prospects driven by economic and institutional reforms.
Reports suggest that the global rating company said the reforms undertaken by the government would lead to an enhanced business environment, fuelling the foreign and domestic investment, and subsequently the growth momentum.
Taking a dig at those opposing the government, he said that this vindicates their position.
In 2015, the rating outlook was changed to "positive" from "stable".
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"It's a recognition and endorsement of the reforms taken by the government particularly in the last three-four years..."
"It is extremely encouraging that there is an worldwide recognition..."
Jaitely said: "Smooth transition of GST is universally recognised as a landmark reform in Indian tax structure".
"All these reforms were directional... all steps that we have taken follow a particular roadmap..." This is not something that is happening in isolation.
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Last year, India lobbied hard with Moody's for an upgrade, but failed.
The minister said that with the introduction of GST, market barriers had been removed.
Mumbai: Terming Moody's Investor Services' much-awaited sovereign ratings upgrade as "positive inflection point", Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi has said it is an acknowledgement that the reform measures being taken by government are in the right direction. Modiji and Moody's "Jodi' have failed", Congress spokesperson Randeep Singh Surjewala tweeted.
The four institutions with revised rating are Export-Import Bank of India (EXIM India), HDFC Bank, Indian Railway Finance Corporation Limited (IRFC) and State Bank of India (SBI), Moody's said in a statement.
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Moody's said that the recent announcements of a comprehensive recapitalisation of Public Sector Banks (PSBs) and signs of proactive steps towards a resolution of high NPLs through use of the Bankruptcy and Insolvency Act 2016 are beginning to address a key weakness in India's sovereign credit profile.