Recently, financial rating ageny Moody’s upgraded India’s sovereign rating to the highest since 2004. The upgrade recognises the fact that India continues to follow a path of fiscal prudence. Moody’s believes demonetisation gave more teeth to institutions as it was a part of the government’s efforts to “reduce corruption, formalize economic activity and improve tax collection”. In its statement, the reforms mentioned by Moody’s are GST, demonetisation, the inflation-targeting monetary policy framework, the Bankruptcy Act, bank recapitalization, Aadhaar and the Direct Benefits Transfer system. In November 2015 too, Moody’s changed its outlook on Indian banks to stable from negative because of what it said was “the gradual improvement in the operating environment for Indian banks”.
However, despite the fact that Moody’s has backed India’s reform process, it was ‘very’ hard for the opposition parties to recognise the fact. While reacting to Moody’s upgrade, former Prime Minister Manmohan Singh said that the country should not be lured into the false belief that “we are out of the woods.” It must be noted that just a few days back, Dr Singh called demonetisation a historic blunder. He said that the demonetisation and hasty implementation of GST led to a slowdown of the country’s economic growth.
Interestingly, the rating upgrade was so hard to digest for Kerala’s CPM workers that online accounts sympathising with CPM started trolling the former Australian cricketer and head coach of SunRisers Hyderabad (SRH) Tom Moody confusing him for Moody’s – the global ratings agency.
Many Facebook users and pages belonging to CPM activists attacked the former batsman, saying he should be ashamed of himself for giving an improved rating to the Indian economy under the Narendra Modi government.
However, after having a good laugh at the whole confusion, Moody tweeted:
— Tom Moody (@TomMoodyCricket) November 19, 2017
The CPM leadership had said that the improved economic ratings signify the beneficial atmosphere for international capitalist groups under the Modi regime.
And it was Twitterati who had the last laugh:
Oh come on, Tom, we all know where you make the real money..big finance guru..Advertisement— Hemant (@hemantbuch) November 19, 2017
Whole world has deleted communism,here in India in a state called Kerala in a remote corner the remaining ashes of communist humanoids regularly play deadly games via twitter,FB and even physical! They r so programed that they dont know the diff between Aus Tom Moody&USMoody`s!
— BG.Subhash (@bgsubhash) November 19, 2017
Most funny thing is that, their National leadership never heard of both Moodys😂😂😂
— Suresh Balakrishnan (@baalakrishnans1) November 19, 2017
Well said .. about Amit Malavya😂 pic.twitter.com/59Bqi7Rcsx
— Tribal Chief (@chief_tribal) November 19, 2017