India · Sovereign
Our view sits a notch ahead of the agencies' 'Stable': the growth-plus-consolidation combination is rare. India is the fastest-growing major economy (7.7%), inflation is under target, the real policy rate is positive, reserves are ample (~11 months' cover), the fiscal deficit hit 4.4% and debt/GDP is gliding toward the 50% anchor — all on a deep, captive domestic capital base. The offsets keeping it short of G1 are real: a weak rupee, a record trade gap, low per-capita income, and external sensitivity to oil and the Fed.
Point-in-time — grades are reviewed each cycle; every change publishes as a dated action. Snapshot 22 June 2026.
Sources: S&P BBB / Moody's Baa3 / Fitch BBB- (TheGlobalEconomy)S · Factor scores & G2 grade — Gravitywell opinionE
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