India News | BIZ-S&P-INDIA-FM Upgrade of India's Rating Outlook Reflects Solid Growth, Promising Outlook: Sitharaman

New Delhi, May 29 (PTI) Finance Minister Nirmala Sitharaman on Wednesday said the revision in India's rating outlook to positive by S&P reflects solid growth performance and promising outlook for the coming years.

India is well on track to become the third-largest economy in the third term of the government and become a Viksit Bharat by 2047, Sitharaman said in a post on X.

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Earlier in the day, S&P Global Ratings upgraded India's outlook to positive, from stable. This is the first time that S&P has assigned a positive outlook on India's rating.

S&P retained India's rating at lowest investment grade of 'BBB-'.

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"S&P Global Ratings' revision of its outlook on India from 'stable' to 'positive' is a welcome development. This reflects India's solid growth performance and a promising economic outlook for the coming years," Sitharaman said.

It has been possible due to the series of macroeconomic reforms undertaken since 2014, along with substantial outlay for capex, fiscal discipline, and decisive and visionary leadership, the minister added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)