Is India’s credit rating lower than it should be? Here’s a four-point agenda to send it on an upward path
In August 2025, S&P Global raised India’s credit rating to BBB, the first upgrade in 18 years. Morningstar DBRS and Japan’s R&I followed suit. Fitch and Moody’s held theirs, pointing to the same figure: government debt of around 84% of GDP, against a level closer to 60% for countries in India’s rating band.
