Boost for Indian economy! S&P upgrades India’s credit rating outlook to ‘positive’ from ‘stable’

S&P Global Ratings has maintained India’s sovereign rating while upgrading its outlook from ‘stable’ to ‘positive’. The agency attributes this change to the country’s strong economic growth, which is positively influencing its credit metrics, as stated in a report released on Wednesday.
“We expect sound economic fundamentals to underpin the growth momentum over the next two to three years,” S&P said.The ratings agency anticipates a general continuity in economic reforms and fiscal policies, irrespective of the outcome of the general elections.
S&P’s positive outlook on India is based on the country’s robust economic growth, significant enhancements in the quality of government expenditure, and the government’s commitment to fiscal consolidation.
“We believe these factors are coalescing to benefit credit metrics,” the report added.
India is currently in the final phase of its six-week-long national election, the largest in the world. As the vote counting is scheduled for June 4, investors are preparing for the possibility of Prime Minister Narendra Modi securing a third term in office.
This story is being updated