India's Credit Rating Boost: A Testament to Economic Resilience

Japan's R&I has upgraded India's sovereign credit rating, marking the third enhancement by a rating agency this year. The upgrade to 'BBB+' reflects India's strong economic fundamentals, including its demographic advantage, robust domestic demand, sound policies, and fiscal consolidation efforts, demonstrating global confidence in India's economic resilience.

India's economic standing received another significant endorsement as Japan's Rating and Investment Information, Inc. (R&I) upgraded the nation's sovereign credit rating to 'BBB+' from 'BBB'. This marks the third credit rating improvement for India by leading agencies this year, highlighting the country's robust macroeconomic fundamentals.

The appraisal emphasizes India's stature as one of the world's largest and fastest-growing economies, spurred by a demographic dividend and sturdy domestic demand. R&I acknowledges India's progress in fiscal consolidation, driven by increased tax revenue and subsidy rationalizations, alongside a manageable debt level.

The Finance Ministry hailed the upgrade, noting It reflects global confidence in India's medium-term growth prospects. The ministry committed to sustaining this trajectory of inclusive and high-quality growth through prudent policies that ensure macroeconomic stability amid uncertain global conditions.

(With inputs from agencies.)