...- India's economy is gradually recovering from a deep contraction in fiscal 2021 (year ended March 31, 2021) and a subsequent severe second wave of COVID-19. We expect real GDP growth to rebound to 9.5% in fiscal 2022 on continued normalization of activity and progressively higher vaccination rates. - India's fiscal settings are weak, and deficits will remain elevated over the coming years even as the government undertakes some consolidation. The country's strong external settings help to buffer the risks associated with the government's high deficits and debt stock. - We affirmed our '###-' 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 recovery will gain pace through the second half of fiscal 2022 and into the following year, helping to stabilize the country's overall credit profile....
