This refers to the editorial, “A positive sign” (November 20). Economic policies of the Modi Government have been severely attacked by the Opposition and critics alike. Prime Minister Modi was accused of destroying the country's economy, particularly with demonetisation and the Goods and Services Tax (GST). And it was not just leaders from the Congress, which included former Prime Minister and economist Manmohan Singh and former Finance Minister P Chidambaram, but senior BJP leader Yashwant Sinha, who is also a former Finance Minister, too termed the Modi Government's economic policies “disastrous”.
Within weeks of a 30-place jump of India in the World Bank's ease of doing business ranking, global rating agency Moody's upgrade of India's sovereign credit rating for the first time in last 13 years is the biggest endorsement for the Modi Government's economic policies. Significantly, Moody's has counted the GST as one of the key reforms undertaken by the Modi Government and is also positive on demonetisation. Its forecast of a 7.5 gross domestic product growth in 2018 and robust levels of growth from 2019 must silence doomsayers. Congress vice president Rahul Gandhi said in Gujarat that the Modi Government torpedoed the economy with demonetisation and GST. Moody's upgrading of India has torpedoed his claim.