Last week, S&P Global Ratings raised India’s long-term sovereign credit rating from BBB- to BBB. A BBB rating, which is at the lower end of the investment grade rung, indicates adequate capacity to repay obligations. S&P’s rationale for the upgrade rests on the pillars of “buoyant” growth, the “commitment” to fiscal consolidation, improved “quality” of spending and anchored inflationary expectations. Coming at a time of acute economic uncertainty, the ratings action — this is the first upgrade by the agency in 18 years — reaffirms India’s growth prospects, underlines its resilience and its “remarkable” recovery from the........

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