S&P Global Ratings on Friday said it will watch the fiscal numbers for the next 1-2 years, besides pro-growth policies of the new government, before deciding on India's sovereign rating upgrade. S&P, which earlier this week upgraded India's outlook to positive while retaining the sovereign rating at BBB-, expects the new government to continue with pro-growth policies, infrastructure investment and commitment to fiscal consolidation.
Prime Minister Shinzo Abe has made reviving the economy his government's top priority, but his spending promises have raised concerns that Japan's public debt burden, already the worst among major economies, could deteriorate further.
Global rating agency Fitch has revised upwards India's growth projection to 6 from 5 per cent for the current fiscal and said the recent election results should provide additional confidence and spur growth.
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