Talking to ET Now market expert says the upgrade will send an extremely positive signal to various investment communities -- including FIIs Edited excerpts:Yes, I would say it is a proud moment for India as the proudest moment for people like me who have been perpetually bullish on India over the years. This is a validation of the strength of the country, this is a validation of the last three-four years of effort being put by the government led by Modiji.In a way it will send an extremely positive signal to various investment communities -- including FIIs, put money in foreign direct investment -- that things are improving and of course with this outlook improvement, the overall cost of borrowing for corporates as well as the government is likely to come down.No, the flows have been quite muted for last four-five months. While I do not say that this in itself can result in increased inflows, but this helps significantly because it is not how you and I look at it.It is how the people who have got billions and trillions of dollars -- pension funds, large FII investors -- look at it and I think from their perspective, it is a big thing and that is why it matters for companies and for countries.I would say, at least fuel the pipeline given our own growth trajectory. Again, it takes time, it has taken three and a half years for them to revise. In the last two-three years, whatever the government has done for the outside world -- the impact and the benefit is not yet visible -- but whenever you do a cleanup of the system, the initial reaction, the initial thought is always painful. And that is what has happened in case of India too. The result of all the action will get reflected over the next few years. I would say recapitalisation of banks was a very bold step, that much money may not even be required by the banks.But the government coming out and saying that we are standing behind these banks and if something goes wrong they will be capitalised, means a lot. I am sure there are lots of initiatives like this which are still in the pipeline and over the years we will see that the economic outlook, the GDP growth rate of India would improve significantly and that would result into rating agencies further upgrading India.I would say this is a combination of all the reforms which are being taken. GST , cleaning up the entire taxation system, getting transparency across the board in all public sector entities and recapitalisation of the banks all mattered. We should not single out only one factor saying that was responsible.Last three-four years whatever effort has been put in and the consolidation which has resulted into it is a combination of all that. It is a cheerful moment for all of us who have been very bullish on India and I feel extremely proud and happy that this has happened.