India pitches sharp economic recovery to make case for ratings upgrade

Government officials have admitted that global inflationary pressures due to Russia's invasion of Ukraine have hit household savings and corporate margins, and will impact growth

In recent meetings with big global rating agencies, Indian officials highlighted the strong domestic economic recovery after the Covid-19 pandemic, and efforts made by the Centre and the Reserve Bank of India to contain inflationary pressures, as they pushed for ratings and outlook upgrades.

During the meetings held in April and May, representatives from agencies, including S&P Global Ratings, Fitch, and Moody’s, were given detailed presentations on the state of the economy. Senior officials from the finance ministry, including Chief Economic Adviser V Anantha Nageswaran, briefed these agencies.

“The agencies were apprised of India’s macroeconomic indicators. What has worked in our favour