S&P ups India's outlook to positive, raises hope for rating upgrade in 2 years
Hindustan TimesNew Delhi, Giving thumbs up to the economic management of the Modi government, S&P Global Ratings after a gap of 14 years upgraded India's sovereign rating outlook to positive from stable on robust growth, improved quality of public spending in last 5 years and expectation of broad continuity in reforms and fiscal policies. "India outlook revised to positive on robust growth and rising quality of Government spend; BBB- long-term and 'A-3' short-term unsolicited foreign and local currency sovereign credit ratings affirmed," S&P said. "That, along with cautious fiscal and monetary policy that diminishes the government's elevated debt and interest burden while bolstering economic resilience, could lead to a higher rating over the next 24 months," S&P said. S&P said it may raise the ratings if India's fiscal deficit narrows meaningfully such that the general government debt falls below 7 per cent of GDP on a structural basis.