Business EconomyPosted at: Aug 14 2025 6:22PM


S&P upgraded India’s ratings to ‘BBB’ from ‘BBB-’ amid externalities

New Delhi, Aug 14 (UNI) Standard & Poor’s (S&P) rating agency upgraded its long-term unsolicited sovereign credit ratings of India to ‘BBB’ from ‘BBB-.’ Moreover, the agency also improvised its short-term ratings to ‘A-2’ from ‘A-3’ while pointing towards a stable economic outlook.
This upgradation in rankings is driven by buoyant economic growth, against the backdrop of an enhanced monetary policy environment that anchors inflationary expectations.
The rating agency noted, “India remains among the best-performing economies in the world. It staged a remarkable comeback from the pandemic with real GDP growth over fiscal 2022 (year-end March 31) to fiscal 2024 averaging 8.8%, the highest in Asia-Pacific.”
“ We expect these growth dynamics to continue in the medium term, with GDP increasing 6.8 % annually over the next three years. This has a moderating effect on the ratio of government debt to GDP despite still-wide fiscal deficits,” the agency added.
S&P noted that India’s favourable GDP growth to interest rate differential has kept government borrowing sustainable.
The agency stated, “ We project the ratio of net general government debt to GDP to decline to 78 pc by fiscal 2029, from 83 pc in fiscal 2025. This brings India back closer to its pre-pandemic debt level and well below the pandemic peak of 91 pc of GDP.”
“ The performance of the Indian economy in recent years highlights its historical resilience. We also predicate our projections for solid growth (notwithstanding external headwinds) on the country’s constructive structural trends. These trends include healthy demographics and competitive unit labor costs.” S&P noted.
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