On April 30, 2008, Standard&Poor's Ratings Services affirmed its 'BBB-' long-term and 'A-3' short-term sovereign credit ratings on the Republic of India. The outlook on the long-term rating remains stable. This reflects the country's strong economic prospects, external balance sheet, and its deep capital market, which supports a weak, but improving, fiscal position. India's economic prospects remain strong with growth likely to average more than 7.5% in the medium term. Underpinning such growth is the dynamic service sector, gradual deregulation of the industrial sector, continued trade liberalization, and modest improvements in infrastructure. The country's business environment is likely to improve in the coming years, sustaining private investment and economic growth. Economic growth is also benefiting from higher consumption
