S&P outlook upgrade positive; more good news in offing: FinMin

NEW YORK: Enthused by an outlook upgrade by S&P to India's sovereign rating, the government said this 'good news' has come in the backdrop of significant improvements in macro-economic scenario of the country.

Addressing an India Investor Roundtable here hours before Prime Minister Narendra Modi's US visit, Finance Ministry Joint Secretary Manoj Joshi said that he has been told by many foreign funds investing in India that they have a very positive outlook on the country.

"The latest good news of S&P upgrading outlook to stable on our rating will further boost the sentiments and this has happened particularly because of improvements in our macro economic conditions," he said.

Joshi said that Indian economy has begun to see some green shoots and there have been many positive changes in the last four months, while steps are continuing to tackle concerns like inflation, subsidy burden and to increase government spending on infrastructure after lowering other expenditure.

BSE CEO Ashishkumar Chauhan said that "the outlook upgrade by S&P, as also the developments like a 27 per cent rise in our benchmark index Sensex are a strong vote of confidence in the new government."

"Things are looking up in India," he said, while adding that investors from here can earn huge returns by investing in the country while efforts were underway and the government has committed itself to make it also easier to do business there.

On what more needs to be done, Chauhan said that labour laws need to be reformed, faster project clearances, among others. He said the efforts have already begun on these fronts.