Moody's has recognised our good work: Goyal

He said the rating upgrade, and improvement in ease of doing business ranking, culminate into bringing confidence into India growth story.

The US-based Moody's has upgraded India's sovereign rating after a gap of 13 years to Baa2 with a stable outlook.

The rating action implies India is investment grade with moderate credit risk, which is two notches above the junk grade.

"Our dharma is to stay on path of good governance and effective delivery to people of India. Endorsements, rating upgrade, certification, surveys, election results are incidental. We are working for people of India and people have endorsed us," Goyal said.

He said the number of BJP-supported government went up from six in 2014, to 18 today. "By next month they will be 19.

and we are fast transitioning to a corruption free and Congress free India in the years to come," he said. Goyal said the election results in Himachal Pradesh and Gujarat will be phenomenal.

"In Himachal Pradesh, there are some people who are predicting as high as 58-60 seats for BJP. In Gujarat, people have seen the delivery of good governance for 22 years and I wouldn't be at all hesitant to predict a 150 plus tally for BJP in Gujarat," he said.

Startup India and Make in India programmes can make entrepreneurship more comprehensive by channelising energy from all elements of the ecosystem, including from entrepreneurs to investors, Union Minister Piyush Goyal has said.

Betting on the huge potential of the startup policy, the railway and coal minister said it has made youth a job creator rather than a job seeker.

He was speaking at an event organised by the New Delhi Chapter of Entrepreneurs' Organisation on Thursday.

"I appreciate the support that young generation is giving to the nation with their thoughtful leadership. It is actually contributing a lot to Prime Minister Narendra Modi's idea of making the nation work in more holistic and disciplined manner," he said. He said the self-confidence with which the entrepreneurs are embracing the culture, tradition and heritage of India is very commendable.

Mumbai: The rupee on Friday bounced back in style to end at a one-week high of 65.01 against the US dollar after Moody's upgraded the country s sovereign rating.

In its biggest single-day surge in six weeks, the home currency settled the day with a solid 31 paise gain.

The rating upgrade comes after a gap of 13 years - Moody's had last upgraded India's rating to 'Baa3' in 2004.

Stamping one of the most significant milestones, the global credit rating agency Moody's on Friday upgraded India's sovereign credit rating by a notch to 'Baa2' with a stable outlook.

The rupee on Friday hit an intraday high of 64.60 before giving back some win due to suspected RBI intervention.

There is an air of optimism on India's economic prospects and created an ambiance of feel good factor following Modi government's continued commitments towards strong governance and sweeping reforms measures, a forex dealer said.

A rally on domestic equities further supplemented the currency momentum in a healthy way.

Earlier at the Interbank Foreign Exchange (forex) market, the home currency made a stellar start with the huge gap-up at 64.75 against overnight close of 65.32 underpinned by the Moody's decision to upgrade the ratings amid massive dollar unwinding.

Maintaining its dominance over the greenback, the rupee touched an intra-day peak of 64.60 in mid-morning deals.

New Delhi: Investor wealth on Friday surged by Rs 1.71 lakh crore, helped by a bullish market sentiment, where the Sensex rose by 236 points.

The 30-share key benchmark index ended the day 235.98 points higher at 33,342.80.

Led by the gain in the stock market, the total market capitalisation of BSE-listed companies surged by Rs 1,71,489.22 crore to Rs 1,44,90,494 crore.

"Moody's India ratings upgrade is an acknowledgement of the economic and structural reforms undertaken over past few of years. This is a welcome move as it will bring down the cost of overseas borrowings for Indian corporates especially the ones with high cost domestic debt on their books.

"It will have a positive impact on Indian banking system, corporate borrowing programmes and initiate the much awaited private capex cycle. This will further add a fillip to FII inflows towards Indian equity markets," said Arun Thukral, MD and CEO, Axis Securities.

Moody's Investors Service on Friday raised India's sovereign rating for the first time in 13 years, saying growth prospects have improved with continued progress on economic and institutional reforms. On BSE, 1,615 stocks advanced, while 1,135 declined and 174 remained unchanged.