India’s Sovereign Credit Rating upgraded to 'A-' with Stable Outlook by Japan Credit Rating Agency

The Japan Credit Rating Agency (JCR) upgraded India’s Long-Term Foreign Currency and Local Currency Issuer Ratings by one notch from ‘BBB+’ to ‘A-’ with a Stable Outlook, and raised India’s country ceiling to ‘A’. The upgrade is attributed to India's resilient economic growth, improving fiscal quality with a focus on capital expenditure, a strengthened financial system supported by tools like the Insolvency and Bankruptcy Code, and a robust external position. JCR noted strong real GDP growth of 7.8 percent in FY26 and sustained through Q1 of FY27, alongside effective economic policies including digital public infrastructure and the Goods and Services Tax.