India pitches for rating upgrade by S&P on strong macro data

August 31, 2015 16:08

India on Monday pitched for rating upgrade by Standard and Poor's citing strong macroeconomic indicators, low inflation and improvement in fiscal as well as current account deficits.

In his presentation to the visiting S&P officials, Chief Economic Advisor (CEA) Arvind Subramanian said that country has strong medium-term growth potential on back of persistent economic reforms which are being pursued by the government. S&P has BBB- rating on India with stable outlook.

According to the sources, Subramanian also expressed the government's commitment to implement the Goods and Services Tax (GST) bill and said that country's growth in the current fiscal was expected to improve to around 8 per cent.

Subramanian based his optimism for higher growth on macroeconomic stability, better-than-expected monsoon and cumulative effect of reforms.

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