Narendra Modi, India's prime minister, arrives at the Bhartiya Janata Party (BJP) headquarters in New Delhi, India, on Sunday, Dec. 3, 2023.
S&P Global Ratings raised India's sovereign rating outlook to 'positive' from 'stable' while retaining the rating at 'BBB-', saying on Wednesday the country's robust economic expansion was having a constructive impact on its credit metrics.
"This reflects India's solid growth performance and a promising economic outlook for the coming years," said in a social media post.
The rating agency's positive outlook on India is predicated on its robust economic growth, pronounced improvement in the quality of government spending, and political commitment to fiscal consolidation, it said.
India's weak fiscal settings had always been the most vulnerable part of its sovereign ratings profile, S&P said.
Persons:
Narendra Modi, India's, Nirmala Sitharaman
Organizations:
Bhartiya Janata Party, BJP, Bharatiya Janata Party
Locations:
New Delhi, India