Earlier in the day, S&P Global Ratings upgraded India’s outlook to positive, from stable. This is the first time that S&P has assigned a positive outlook on India’s rating.
S&P retained India’s rating at lowest investment grade of ‘BBB-‘.
“S&P Global Ratings’ revision of its outlook on India from ‘stable’ to ‘positive’ is a welcome development. This reflects India’s solid growth performance and a promising economic outlook for the coming years,” Sitharaman said.
It has been possible due to the series of macroeconomic reforms undertaken since 2014, along with substantial outlay for capex, fiscal discipline, and decisive and visionary leadership, the minister added.