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S&P upgrades India's credit rating after 18 years
Big news for India's economy: S&P just bumped up the country's credit rating from BBB- to BBB—the first upgrade by the agency in 18 years.
This move highlights India's strong growth after the pandemic and signals more global confidence in its ability to pay back debt, thanks to steady government spending and smart financial planning.
S&P's optimistic growth forecast for India
S&P thinks India is on track to grow from a $3.9 trillion economy in 2024 to $5.5 trillion by 2028, averaging about 6.8% growth each year—slightly ahead of what the IMF predicts.
They also expect government deficits and debt levels to drop close to pre-pandemic numbers, helped by a focus on local consumption that shields the economy from global trade bumps.