Dec. 28 – Global rating agency Moody’s raised India’s currency rating outlook to “positive” based on the country’s resilience throughout the global financial crisis.
India’s economy witnessed high growth, large domestic savings, favorable debt structure, domestic monetary confidence and a strong external position, reasons why the ratings agency raised the country’s rating from “stable.”
The market rally in recent months has led to a more than doubling of foreign investors in leading Indian over the previous year. The market capitalization of the foreign investment in 25 major industrial houses rose 156.8 percent to US$ 48.69 billion on December 1, 2009, up from US$ 19 billion on December 1, 2008, the report stated.
