An MIC leader has referred to international rating agency Moody's upgrading of India's local and foreign currency issuer ratings and changing the outlook of the rating to stable from positive to counter DAP lawmaker Tony Pua.

S Vell Paari said Moody's upgrading of India's rating was due to government reforms, such as the implementation of programmes which included the introduction of GST and direct benefit transfer schemes.

The MIC treasurer-general pointed out that the programmes in India were similar to those introduced by BN under Prime Minister Najib Abdul Razak, such as the GST and direct assistance in the form of BR1M.

“This effort taken by our BN government to manage the economy, similar to what has been done in India, was well received by the rating agencies.

“Therefore, the misleading statements that Pua is spewing about GST and its negative impact on the Malaysian economy is all a load of rubbish,” he added.

Vell Paari also quoted Moody's as stating that the reforms implemented in India would advance the government's objective of improving the business climate, enhancing productivity, stimulating foreign and domestic investment, and ultimately fostering strong and sustainable growth.

He said critics like Pua must realise that Malaysians are educated and well informed.

“The time when the rakyat believed whatever that is being said by the opposition leaders is over.

“The rakyat is now well aware that what is said by the opposition leaders are mostly misleading and is done with a bad intention to sabotage the country's economy,” he charged.

Vell Paari said the Malaysian economy under Najib's leadership is expanding at a fast pace, as reported by Bloomberg.

“Our growth was at an impressive rate of 6.2 percent (in the) last quarter, surpassing even Bank Negara's targets.

“If we were to believe the opposition, Malaysia was supposed to be bankrupt a few months back,” he added.