Finance minister Arun Jaitley today welcomed the Moody's upgradation of India's rating, saying that the improved credit rating was a "recognition and an endorsement" of the reform process which has gone on in India in the last 3-4 years. International rating agency Moody's Investors Service has upgraded India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive.

Excerpts from the FM's speech...

-- We welcome Moody's rating upgrade of India after 13 years.

--  It is a belated recognition to positive steps taken in the last few years.

-- Reforms in last 3-4 years have placed India on the path of fast trajectory growth.

-- Many who had doubts about India's reform process would now seriously introspect on their position.

--  The track record of the last three years speaks for itself; will continue to walk on the path of fiscal consolidation.