Improvements in policymaking continue to strengthen the prospects for India's economic and fiscal performance. Wide fiscal deficits, a heavy debt burden, and low per capita income nonetheless detract from the sovereign's credit profile. We are affirming our 'BBB-' long-term and 'A-3' short-term sovereign credit ratings on India. The stable outlook balances India's sound external position and inclusive policymaking tradition against the vulnerabilities stemming from its low per capita income and weak public finances. On Nov. 2, 2016, S&P Global Ratings affirmed its 'BBB-' long-term and 'A-3' short-term sovereign credit ratings on the Republic of India. The outlook is stable. The ratings on India reflect the country's sound external profile and improved monetary credibility. India's strong democratic institutions and a free
