Japan's R&I upgrades India's credit rating to BBB+ with stable outlook
Japan's Rating and Investment Information, Inc. (R&I) has upgraded India's international credit rating from BBB to BBB+ with a stable outlook.
This marks the third big thumbs-up for India this year, following similar upgrades by S&P and Morningstar DBRS.
The move highlights India's strong domestic demand, solid fiscal management, and better external stability.
RBI and government see growth at 6.5% in FY2025
The Reserve Bank of India expects the country to grow at 6.5% in FY2025—matching last year's pace—thanks to steady spending, investments, and exports.
The government sees the upgrade as proof that India's economic fundamentals are on track.
Looking ahead, R&I predicts growth will stay in the mid-6% range from FY2026 onward, driven by young demographics and the government's public investment and economic policy.
Altogether, these upgrades signal growing global confidence in where India is headed—even with a shaky world economy.