...Institutional and economic profile Flexibility and performance profile A lower middle-income economy with above-average growth prospects. + India's economy continues to achieve impressive long-term growth rates, despite a recent deceleration. + We expect the economy to continue to outperform its peers on the back of rising domestic demand and strong demographics. + The Narendra Modi-led government achieved a strengthened mandate in 2019 general elections, which may empower officials to pursue additional economic reforms over the next few years. India's fiscal and debt metrics remain weak, while its strong external position counters vulnerabilities posed by its current account deficit. + Persistent central and state level deficits will entail elevated general government deficits and indebtedness over the next three years. + India's external position remains supportive of the ratings owing to the economy's limited external indebtedness. + India's monetary settings are steady, in our view,...
