New Delhi, Aug. 14 -- In a major move, ratings agency S&P Global on Thursday raised its sovereign credit ratings on India to 'BBB' from 'BBB-'. According to the ratings agency, India is prioritizing fiscal consolidation, demonstrating the government's political commitment to deliver sustainable public finances, while maintaining its strong infrastructure drive.

The agency further said that India's robust economic expansion is having a constructive effect on its credit metrics, and they expect sound economic fundamentals to underpin growth momentum over the next two to three years.

The raise in sovereign credit ratings has been welcomed by Sanjeev Sanyal, Member of Prime Minister Narendra Modi's Economic Advisory Council

"I am pleased t...