Private Investment Vital for India’s Viksit Bharat Goal

Economic Affairs Secretary Anuradha Thakur stated that private investment will be crucial to achieving India’s Viksit Bharat goal, as public expenditure alone cannot bridge the massive financing gap. The Secretary highlighted recent sovereign rating upgrades from major international rating agencies to underscore India’s growing economic strength and improving business climate.

Sovereign Rating Upgrades and Global Recognition

Thakur noted that India has a firm promise to build on achieved goals and reach new heights through effective Centre-state partnerships. Recent upgrades by international agencies reflect global confidence in India’s medium-term growth prospects amid prevailing global uncertainties.

Key rating actions include:

Japanese credit rating agency JCR upgraded India’s sovereign rating to ‘A-‘ after a gap of 35 years, citing solid economic growth and a strong financial system.

S&P Global Ratings upgraded India’s sovereign rating to ‘BBB’ last year.

Japan’s Rating and Investment Information, Inc. upgraded the sovereign rating to ‘BBB+’ last year.

Morningstar DBRS also upgraded India’s sovereign rating to ‘BBB’ last year.

These rating upgrades reflected global recognition for India’s strong and resilient macroeconomic fundamentals and prudent fiscal management. Thakur stated that this global recognition underscores India’s growing economic strength, improving business climate, and strengthening position in the global investment landscape.