India’s journey from Fragile Five to favoured investment destination

Moody’s Investors Service’s decision to upgrade India’s local and foreign currency issuer ratings after 13 years has ignited a debate on the health of the Indian economy and how far the upgrade reflects it. The government and its supporters have been quick to claim that the upgrade reflects a validation of the economic policies it has put in place. Critics of the government have questioned the upgrade, its importance, timing, and pointed to the chequered past record of the rating company.