‘India will continue…': Finance Ministry reacts as S&P Global upgrades rating amid Trump's ‘dead economy' jibe
In a lengthy post on social media platform X (formerly known as Twitter), the Finance Ministry credited the leadership of Prime Minister Narendra Modi, and promised continued growth momentum to achieve 'Viksit Bharat' by 2047.
The ministry wrote, 'The Government of India welcomes the decision by S&P Global Ratings to upgrade India's long-term sovereign credit rating to 'BBB' from 'BBB-' and its short-term rating to 'A-2' from 'A-3', with a Stable Outlook.'
It highlighted that 'S&P last upgraded India in January 2007 to 'BBB-', hence, this rating upgrade comes after an 18-year gap', adding that this ratings upgrade 'reaffirms that under Prime Minister Modi's leadership, providing stability, India's economy is truly agile, active, and resilient'.
The statement added that 'India has prioritised fiscal consolidation, while maintaining its strong infrastructure creation drive and inclusive growth approach, that has led to the upgrade. India will continue its buoyant growth momentum and undertake steps for further reforms to attain the goal of Viksit Bharat by 2047.'
'S&P's is the second sovereign rating revision this year. DBRS had recently upgraded India to BBB status,' it added.
(This is a developing story, more updates coming…)
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