| Key Information | Details |
|---|---|
| Agency | Rating and Investment Information, Inc. (Japan) |
| Upgrade | From BBB to BBB+ (Stable Outlook) |
| Sector | Sovereign Foreign Currency Issuer Rating |
| Short-Term Rating | Affirmed at a-2 |
| Recent GDP Figures | FY24: 6.5%, Q1 FY25: 7.8%, FY25 Estimate: 6.5% |
| Fiscal Deficit Target (FY25) | 4.4% |
| Reason for Upgrade | Strong domestic demand, prudent fiscal management, and enhanced external stability |
| Structural Reforms | Two-tier GST structure launching in September 2025 |
| Government Focus Areas | Attracting global manufacturers, infrastructure expansion, business environment improvement |
| Challenges | Poverty, unemployment, and fiscal consolidation |
| Goal | Becoming a developed economy by 2047 |
| Previous Upgrades in 2025 | May 2025: Morningstar DBRS upgraded India to BBB from BBB (low) |
| August 2025: S&P Global Ratings upgraded India to BBB from BBB- | |
| September 2025: R&I upgraded India to BBB+ |
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