New Delhi, Aug 14
India's economic expansion and its GDP growth are clearly on the right path despite geopolitical turbulence and tariff uncertainties, and this is showing in numbers too, economist Akash Jindal said on Thursday.
Citing economic resilience and sustained fiscal consolidation, global credit ratings agency S&P Global has upgraded India's long-term unsolicited sovereign credit rating to "BBB" from the earlier "BBB-", ahead of the 79th Independence Day.
According to Jindal, India remains the fastest-growing economy, ahead of several major economies in the world.
S&P Global said that India remains among the best-performing economies in the world, and "we expect growth dynamics to continue in the medium term", with GDP increasing 6.8 per cent annually over the next three years.
India is prioritising fiscal consolidation, demonstrating the government's political commitment to deliver sustainable public finances, while maintaining its strong infrastructure drive.
"We forecast India's real GDP growth at 6.5 per cent this year, which compares favourably with emerging market peers amid a broad global slowdown," the global ratings agency said in a note.