While risks to India's long-term growth rate are rising, ongoing economic reforms, if executed well, should keep the country's growth rate ahead of peers. The economic hit from COVID-19 will exacerbate India's weak fiscal settings. We expect a materially larger fiscal deficit this year, followed by consolidation over the next three years. We are affirming our 'BBB-' long-term and 'A-3' short-term foreign and local currency sovereign credit ratings on India. The stable outlook reflects our view that India's economy, and fiscal position, will stabilize and begin to recover from 2021 onwards. On June 10, 2020, 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
