S&P Rules Out India Upgrade for 2 Years

Standard & Poor's affirmed India's sovereign ratings, welcoming the country's policy stability and improved monetary credibility.
●    But it ruled out any upgrade for this year or in 2017. 
●    The government today slammed global rating agencies for not upgrading India's sovereign rating despite a slew of reforms. 
●    The rating agency expects India's economy to grow 7.9 per cent in 2016 with current account deficit at 1.4 per cent of the gross domestic product. It also expects the RBI to meet its inflation target of 5 per cent by March 2017. 
●    Both S&P and Fitch Ratings currently rate India at "BBB-minus", the lowest investment-grade rating, with a "stable" outlook. Moody's Investors Service rates India at an equivalent "Baa3", but with a "positive" outlook.
●    Mr Das cited various steps taken by the government in the last two years, including controlling inflation and structural reforms like GST and bankruptcy. 
●    The ratings agency also expressed concerns the government could delay subsidy cuts, while noting the country's banking sector would likely need capital infusions of about $45 billion by 2019 global capital norms. 
●    The rating agency expects India's economy to grow 7.9 per cent in 2016.