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India can weather turbulence without damage to credit ratings: S&P

India is likely to lead the region with 7.3 per cent growth in 2022-23 after the GDP grew 8.7 per cent in 2021-22, said the rating agency

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S&P’s report on Thursday said the impact of higher food and energy imports on external balances would likely be absorbed within current rating levels

Abhijit Lele Mumbai
India and other key nations in the Asia Pacific have strong balance sheets to weather current account deficits without hurting their external ratings, said Standard and Poor’s (S&P) on Thursday.

India is likely to lead the region with 7.3 per cent growth in 2022-23 after the GDP grew 8.7 per cent in 2021-22, said the rating agency in a report called 'Asia-Pacific Sovereign Rating Trends Midyear 2022: Resilience Amid Turbulence'. India’s sovereign rating is “BBB-/Stable /A-3”.

S&P’s commentary in March said the stable outlook for India reflected expectations that the economy will recover from the effects of the Covid-19 pandemic.