Global rating agency, Moody's today said it will upgrade India's rating if reforms are realised in actual policy implementation, and if the recent improvement in inflation, fiscal and current account ratios is sustained. But Moody's Investors Service added that the rating outlook would likely return to "stable," from "positive," if there was a slowdown or reversal of the policy reform process, if banking system metrics continued to weaken, or if there was a decline in foreign exchange reserves coverage of external debt and imports. The rating agency said the present government has made some progress on reforms to improve the operating environment and ease investment procedures. But it also said the progress has stalled in two key areas–passing a unified Goods and Services Tax, and the Land Acquisition Act. Moody's said India's GDP growth, which it has forecast at 7 per cent this year, is likely to surpass the average for its peers.