FinMin pitches for a rating upgrade from S&P; cites macro fundamentals

International rating agencies have been raising a red flag over the high debt-to-GDP ratio of India

The Union finance ministry, on Thursday, met representatives from global ratings agency Standard & Poor's (S&P) and pitched for a rating upgrade, citing macroeconomic fundamentals, the reforms carried out by the government, and its commitment to meet the fiscal deficit and current account deficit (CAD) targets.

This comes at a time when there is pressure on CAD because of a depreciating rupee and high global crude oil prices, and on fiscal deficit because of concerns over the goods and services tax (GST), and non-tax revenue.

These issues figured during the discussion between the finance ministry officials, led by Economic Affairs