Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha that the Indian government has ramped up its engagement with global credit rating agencies like S&P, Fitch, and Moody’s through a structured interactive process to showcase the country’s robust macroeconomic scenario. This strategic push aims to improve India’s sovereign credit ratings, currently at the lowest investment-grade level.

Moody’s assigns India a ‘Baa3’ rating with a stable outlook, while S&P and Fitch rate it ‘BBB-’ with positive and stable outlooks, respectively. Morningstar DBRS recently upgraded India to ‘BBB’ with a stable trend in May 2025.

Chaudhary highlighted that sustained efforts to strengthen India’s economic fundamentals—such as steady growth, price stability, fiscal consolidation, robust foreign exchange reserves, a resilient banking sector, and enhanced physical and digital infrastructure—are positively shaping the country’s credit profile.

The government’s focus on capital expenditure, infrastructure development, financial sector reforms, ease of doing business, and employment generation further bolsters long-term economic stability. Chaudhary noted that during interactions with rating agencies, the government presents its macroeconomic achievements and addresses specific concerns.

These agencies evaluate India based on economic strength, fiscal flexibility, monetary performance, external resilience, and institutional robustness.

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This proactive engagement underscores India’s commitment to securing better credit ratings, potentially unlocking greater investment opportunities and reinforcing its position in the global economy.

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