The Japan Credit Rating Agency (JCR) has upgraded India’s sovereign credit rating by one notch to A- from BBB+, citing the country’s sustained high economic growth, stronger financial system and policies aimed at improving productivity and economic development. JCR has assigned a Stable outlook to both India’s foreign currency and local currency long-term issuer ratings.
The rating agency said India’s economy has maintained growth of around 7%, supported by robust private consumption and public investment. It also pointed to policy measures including the development of digital public infrastructure and implementation of the goods and services tax (GST), saying these have strengthened India’s economic foundations.
