Congress argues Moody's rating goes against people's mood

New Delhi : Congress leader Kapil Sibal on Saturday said the upgradation of India's rating by US credit rating agency Moody's was not in sync with the "mood of the people".

"Contrast the mood at Moody's with the mood of the people. While you bask under their upgrade worry about livelihood millions have lost," Sibal said in a tweet.

"Moody talks about sunshine tomorrow. We are worried about the dark clouds today," he said.

US credit rating agency Moody's on Friday upgraded India's sovereign rating to Baa2 from its lowest investment grade of Baa3 after 13 years.

Maintaining that the upgrading was based on New Delhi's "wide-ranging programme of economic and institutional reforms", Moody's simultaneously changed the outlook for the country's rating to stable from positive and upgraded India's local and foreign currency issuer rating to Baa2 from Baa3.