New Delhi, Aug. 14 -- India has received its first sovereign credit rating upgrade in 18 years, with S&P Global Ratings raising the country's long-term rating to 'BBB' from 'BBB-' and the short-term rating to 'A-2' from 'A-3', while keeping the outlook stable. The announcement, shared in a tweet by the Indian Ministry of Finance, marks a major milestone in the country's economic journey.

The Ministry of Finance said the rating improvement "reaffirms that under Prime Minister Narendra Modi's leadership, providing stability, India's economy is truly agile, active, and resilient." It noted that India has kept fiscal discipline a priority while pushing infrastructure growth and inclusive development. These factors, it added, have played a ke...