India’s Sovereign Rating has been upgraded to BBB plus rating by a Japanese credit rating agency namely ‘Rating and Investment Information (R&I)’. BBB plus rating indicates stability. Government has welcomed the decision of the agency to upgrade India’s long-term sovereign credit rating to BBB plus from BBB. Following the decision, the government has retained the Stable Outlook for the Indian economy.
The Finance Ministry, in a statement, said that this is the third credit rating upgrade India has got this year from American credit rating agency S&P, Morningstar DBRS and R&I. The Ministry added, the decision reflects the increasing global recognition for the country’s robust and resilient macroeconomic fundamentals and prudent fiscal management.
The Ministry also underscored global confidence in India’s medium-term growth prospects amid prevailing global uncertainties. It added that three credit rating upgrades for India in five months reflect increasing global recognition for India’s robust and resilient macroeconomic fundamentals and prudent fiscal management.
The agency also praised the policies of the administration of Prime Minister Narendra Modi aimed mainly at attracting foreign manufacturers to India, developing infrastructure, institutionalizing the legal framework to improve the business environment, reducing the reliance on energy imports and ensuring economic security.
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