Foreign borrowing might get bit cheaper post India's rating upgrade: Keki Mistry

Moody's has upgraded India's sovereign rating to Baa2 from Baa3. In an interview to CNBC-TV18, Keki Mistry, Vice Chairman and CEO of HDFC shared his views and readings on the same. He also spoke about the centre's approval of increased carpet area for middle income group (MIG) houses under the Pradhan Mantri Awas Yojana- Urban (PMAY-U).

On India's rating upgrade he said, it is a great move. The initiatives that the government has taken in the recent times in the various things starting with demonetisation, goods and services tax (GST), real estate regulatory authority (RERA) are taking its effect and rating agencies are now beginning to recognise India's potential.

According to him, foreign borrowing might be a little bit cheaper now. "My sense is if we were to go to the overseas markets to raise money, it would probably be a little cheaper," he added.

HDFC had raised money from IFC for affordable housing.

For full interview, watch accompanying video...