The Indian economy is expected to grow by around 7.5 per cent in 2018 and 2019 as it is largely resilient to external pressures like those from higher oil prices, Moody's Investors Service said today.

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Global rating agency, Moody's, will be certainly disillusioned with the finance minister Arun Jaitley.

Reliance Industries (RIL) on Tuesday got an upside of over 25 per cent and gained 2 per cent as Goldman Sachs hiked the target price from Rs 960 to Rs 1,205.

Lower taxes and higher public expenditure could widen budget deficit in 2017-18, but steps taken by the government to broaden the tax base and improve spending efficiency would help in narrowing it going forward, US-based rating agency Moody's said.

The rating upgrade of India's sovereign rating by Moody's has flared up financial markets. But it's not time yet to cheer. Here's why.

Moody's Investors Service upgraded its ratings on India's sovereign bonds for the first time in nearly 14 years on Friday, saying continued progress on economic and institutional reform will boost the country's growth potential.

The decision to upgrade theratings is underpinned by agency's expectation that continued progress oneconomic and institutional reforms will enhance India's high growth potentialand will contribute to a decline in the government debt.

Introduction of the GST, benefits of the Direct Benefit Transfer (DBT) and recapitalisation of the public sector banks that are expected to result in fewer NPAs in the future, among other measures, led Moody's to upgrade its sovereign rating for India for the first time in 13 years.

Credit rating agency Moody's investor service maintained its negative outlook on Bharti Airtel despite sale of its 4.49 per cent stake in Bharti Infratel for Rs 3,325 crore to investors and fund manager

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Citing a likely negative free cash flow situation due to heavy debt repayments over the next 18 months, global ratings agency Moody's has lowered the credit outlook on Reliance Industries to 'stable' from 'positive' but retained the Baa2 ratings its long-term debt.

Others in the race for the high-profile post were Virender Sehwag and former Australian cricketer Tom Moody.

Fitch downgraded RCom to the lowest category with some hope for recovery of principal or interest amount while Moody's Investors Service downgraded the firm to the second lowest category.