Finance Minister Arun Jaitley on Friday welcomed Moody's upgradation of India's rating on Friday, saying a series of steps including ,demonetisation, is universally acknowledged. The credit rating agency Moody upgraded India's rating for the first time since 2004. In a press conference, Arun Jaitley, said," We welcome this upgrade, we believe that it is a belated recognition of all the positive steps which have been taken in India in the last few years, which has contributed to strengthening of Indian economy." He said, "It is a recognition and an endorsement of the reform process which has gone on in India, particularly in the last 3-4 years, where a number of structural reforms have taken place which has placed India on a path of high trajectory growth."