S&P ups India's outlook to positive on robust growth; FM says reflects promising outlook

After a gap of about 10 years, S&P Global Ratings on Wednesday upped India's outlook to positive from stable on robust growth prospects for next three years and public spending, and raised hopes for an upgrade in two years provided the government continues reforms and policies to keep fiscal deficit under check.

While retaining India's sovereign rating at the lowest investment grade of 'BBB-', S&P said its expects broad continuity in economic reforms and fiscal policies, irrespective of the election outcome.

Results of the ongoing general elections will be announced on June 4. "India outlook revised to positive on robust growth and rising quality of government spend," S&P said, while affirming long-term rating at 'BBB-'.

Finance Minister Nirmala Sitharaman welcomed the revision in outlook saying it reflects solid growth performance and promising outlook for the coming years.