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S&P upgrades India's rating

India is on a good stepping stone to enter the investment grade, said rating agency Standard and Poor's sovereign rating director (Asia) Ping Chew on Friday. At present, India is in the speculative grade, one notch below the investment grade. S&P has revised the outlook for India from 'stable' to 'positive' in April. Talking about what is holding back India's entry into the investment grade, Mr Ping said, "Government needs to contain debt and fiscal deficit. India's debt is about 90% of the GDP. The country's fiscal weakness is one of the worst among rated sovereigns, leaving it particularly vulnerable to any secular decline in growth rates or an increase in interest rates." He further said the combined efforts of the Union and state governments to bring down the fiscal deficit to below 8% of the GDP could trigger upward revision of India's credit rating. India, he added, also needed to limit contingent liabilities in a bid to bring down the debt burden.
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