FinMin officials to pitch for upgrade in meet with Moody's

Ratings Agency Moody's officials will meet the finance ministry officials today. CNBC-TV18's Aakansha Sethi reports.

The FinMin officials will make a pitch for an upgrade in India’s sovereign ratings. Earlier this year Standard & Poor's (S&P) and Fitch had downgraded their outlook for India. In fact, yesterday Fitch said that policy slippage and a hike in fiscal deficit could lead to a downgrade.
Now, Moody’s had given the finance ministry a window until the budget this year for getting the fiscal consolidation on track. The finance ministry is going to make a case for an upgrade based on India’s strong fundamentals as well as the recovery in capital markets and the strengthening of the rupee, which they believe reflects the inherent strength of the economy.
It remains to be seen if Moody's buys into that argument but the Finance Ministry definitely is going to be making a strong pitch for an upgrade.