India's robust economic expansion is having a constructive impact on its credit metrics. We expect sound economic fundamentals to underpin the growth momentum over the next two to three years. Regardless of the election outcome, we expect broad continuity in economic reforms and fiscal policies. The composition of government spending has been transformed, with an increasing share going to infrastructure. This will ease bottlenecks to put the country on a higher growth trajectory. Elevated fiscal deficits, a large debt stock and interest burden persist, but the government is prioritizing ongoing consolidation efforts. We therefore revised our outlook on India to positive from stable and affirmed our 'BBB-/A-3' sovereign credit ratings. On May 29, 2024, S&P Global Ratings revised its outlook
