S&P upgrades India’s rating outlook to positive on growth, improved govt spending

S&P Global Ratings on May 29 upgraded India's sovereign rating outlook to positive from stable while retaining the rating at 'BBB-' on robust growth and improved quality of government expenditure.

S&P said it could upgrade India's sovereign rating in the next two years if the country adopts a cautious fiscal and monetary policy that diminishes the government's elevated debt and interest burden while bolstering economic resilience.

"The positive outlook reflects our view that continued policy stability, deepening economic reforms, and high infrastructure investment will sustain long-term growth prospects," S&P said.