India's economy is performing well amid challenging global conditions. We anticipate sound fundamentals to underpin growth over the next two to three years. The government will likely maintain elevated fiscal deficits and a large debt stock despite ongoing consolidation efforts. We affirmed our 'BBB-' long-term and 'A-3' short-term foreign and local currency sovereign credit ratings on India. The stable outlook on the long-term rating reflects our view that India's strong economy and healthy revenue growth will support its weak fiscal settings. On May 18, 2023, S&P Global Ratings affirmed its 'BBB-' long-term and 'A-3' short-term unsolicited foreign and local currency sovereign credit ratings on India. The outlook on the long-term rating is stable. The stable rating outlook reflects our expectation
