The Government has welcomed the decision by S&P Global Ratings to upgrade India’s long-term sovereign credit rating to ‘BBB’ from ‘BBB-’ and its short-term rating to ‘A-2’ from ‘A-3’, with a Stable Outlook. S&P last upgraded India in January 2007 to ‘BBB-’, hence, this rating upgrade comes after an 18-year gap. Ministry of Finance said, the ratings upgrade reaffirms that under Prime Minister Narendra Modi’s leadership, providing stability, India’s economy is truly agile, active, and resilient. It said, India has prioritised fiscal consolidation, while maintaining its strong infrastructure creation drive and inclusive growth approach, that has led to the upgrade. The Ministry said, India will continue its buoyant growth momentum and undertake steps for further reforms to attain the goal of Viksit Bharat by 2047. S&P’s is the second sovereign rating revision this year. DBRS had recently upgraded India to BBB status.
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