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It has moved to an international standard by establishing an independent Monetary Policy Committee that would decide interest rates.It has been steadfast in maintaining the fiscal deficit target and eliminating many subsidies such as the one on petroleum products, which has been a drag on the fiscal.Forex reserves have grown from a mere billion at the turn of the century to a record 0 billion.Investors’ past action and administration’s reaction may suggest constrasting behaviour.TIMING SURPRISE Prime Minister Narendra Modi’s government has been vocal for the past two years that the country deserved a rating upgrade as it has many economic reforms to its credit.The government is committed to inflation targeting, which the previous governments avoided.

The Global Financial Crisis of 2008 led to their reputation tarnished as the rating companies were accused of colluding with investment banks to puff up rating of potentially junk securities.While it may still be an event to watch for institutions, which follow them despite getting discredited in the 2008 Global Financial Crisis, fund flows wouldn’t be determined by rating alone.“There have been flows despite India’s lower rating in the last few years, but flows depend on a number of other factors like global liquidity performance of Indian companies, whether there are opportunities in other markets and also the absorption capacity of funds,” says Deepak Parekh, chairman, Housing Development Finance Corp.The investor behaviour raised questions on whether the government’s wrangling with rating companies for an upgrade all these years was actually worth it?Celebration in the political circles may be a reflection of international recognition for the work the government did for three years, but to investors who really matter, it was clear even before.

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