A run of overseas endorsements for Prime Minister Narendra Modi's government has boosted the mood of the BJP which is battling election blues in Gujarat.
"It is a big boost for us and the reforms the government has pushed and comes just weeks after the World Bank moved India up 30 places in its annual ease of doing business rankings," said BJP strategists, who are grappling with the Gujarat poll scene.
They said the Moody's upgrade was a shot in the arm because this would cheer up the mood of voters in Gujarat, a largely mercantile society.
Shortly after the announcement, Modi led a chorus of central ministers and policymakers who tweeted in support.
"Moody's believes that the @narendramodi government's reforms will improve the business climate, enhance productivity, stimulate foreign and domestic investment, and ultimately foster strong and sustainable growth," Modi tweeted.
Interestingly, the last time Moody's revised the rating was when Atal Bihari Vajpayee was in power, some BJP leaders pointed out.
Senior BJP leaders said the rating upgrade was an endorsement of a range of bold economic decision made by Modi, including the rollout of the Goods and Services Tax (GST), which has been made into a big issue in Gujarat.
During his campaign, Congress vice-president Rahul Gandhi questioned Modi over demonetisation and GST.
Finance Minister Arun Jaitley held a press conference hours after the Moody's ratings were released to assert that it was a reflection of the government's positive work.
"Many who had doubts about India's reform process can now seriously introspect on their position," said Jaitley.
BJP president Amit Shah, too, hailed Moody's ratings, claiming that the Modi's government's reform initiatives will help put India on a higher growth trajectory.
Earlier this month, India jumped 30 places to rank 100 in the World Bank's Ease of Doing Business ranking. This was the first time India broke into the top 100 nations list.
A few days ago, a Pew survey said Modi remains "by far" the most popular figure in Indian politics.
