India received its third sovereign credit rating upgrade this fiscal year. Japan’s R&I raised India’s rating to BBB+ with a stable outlook, following upgrades by S&P Global and Morningstar DBRS earlier. The move boosts India’s global financial standing amid uncertain economic conditions.

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• R&I raised rating to BBB+ from BBB
• Outlook retained as “stable”
• Third upgrade in FY26 after S&P, Morningstar DBRS
• Stronger rating cuts borrowing costs for govt, corporates
• R&I cites buoyant tax revenues, fiscal discipline, demand
• Notes govt reducing deficit, keeping high public investment
• External resilience from low debt, stable remittances, forex cover
• Risks to financial system “limited,” R&I said
• RBI projects 6.5% GDP growth in FY26
• Fiscal deficit target: 4.4% of GDP in FY26 vs 4.8% in FY25
• Moody’s, Fitch still hold India at lowest investment grade