December 24, 2024 11:35 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Five soldiers killed, several injured as Army truck falls into Poonch gorge | Allu Arjun quizzed by police in Pushpa 2 stampede case | Wanted Indian drug smuggler killed in the US | Congress leader files complaint against Allu Arjun for 'insulting police' in Pushpa 2: The Rule | Ahead of Jaishankar's US visit, foreign secretary Vikram Misri meets top US diplomats | India refrains from commenting on extradition request for ousted Bengladeshi PM Sheikh Hasina | I don't blame Allu Arjun, ready to withdraw case: Pushpa 2 stampede victim's husband | Indian New Wave Cinema Architect Shyam Benegal dies at age 90 | Cylinder blast at a temple in Karnataka's Hubbali injures nine people | Kuwait PM personally sees off Modi at airport as Indian premier concludes two-day trip

S&P upgrades India credit rating to 'stable'

| | Sep 26, 2014, at 11:41 pm
New Delhi, Sept 26 (IBNS): Global rating agency Standard & Poor's (S&P) on Friday revised India's credit outlook to "stable" from "negative", acknowledging the improved political and economic environment in Asia's third largest economy, NDTV channel reported.

"India's improved political setting offers a conducive environment for reforms, which could boost growth prospects and improve fiscal management," NDTV quoted the rating agency as saying in its statement.

"We believe the current administration will remedy, to varying degrees, the growth impediments--policy paralysis, energy supply bottlenecks, and administrative obstacles," it added.

India's rating continues to remain at BBB minus, S&P said.

S&P's rating boost comes at a time when Prime Minister Narendra Modi will be meeting CEOs of several Fortune 500 companies in the US to promote India as a global investment destination.

Between April and June 2014, India registered its fastest growth in nine quarters and the new government has vowed to keep the fiscal deficit under control at 4.1 per cent of GDP.

"We expect the new administration to adhere to its stated fiscal consolidation program, even though we acknowledge that planned revenues may not fully materialize and subsidy cuts may be delayed," S&P said.

Standard & Poor's and Fitch Ratings had lowered their outlook on India to "negative" in 2012. 

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.