Moody's revised outlook validates the direction of government's reforms: Arvind Subramanian

NEW DELHI: Chief Economic advisor Arvind Subramanian has said the upgrade of the rating outlook by Moody's validates the direction of the government's reform programme.

"It also confirms something that we have been saying for sometime now that the growth prospects and the macro-economic prospects for the economy are improving," he said.

He said this also validated the strategy underlying in the budget.

Ratings agency Moody's upgraded the outlook on India's sovereign rating to positive from stable. This suggests rating could be upgraded from the current barely investment grade.