Indian government is pushing rating agency Moody’s Investor Service to upgrade the ranking for the country considering the improved financials. India is currently among the fastest growing economies and despite all the challenges, the growth rate has remained fairly stable. Indian government has reported significant improvement in GST collections during the recent months.

Currently, Moody's Investor Service has ranked India at the lowest investment grade of "Baa3" with a "stable" outlook. S&P and Fitch Ratings also have lower ratings for India at BBB-. As per IMF, Indian economy is expected to lead the world among large economies. The strong consumption in India and rising exports will continue to improve Indian economy and GDP.

Moody’s Investor Service consider many factors while deciding ratings for each country. The stock market has been trading firm as majority of blue-chip companies have reported strong quarterly results. Another positive for India is a stable government. Narendra Modi is almost finishing his second term in the office and Indian government has remained stable during his tenure.

A government official informed media on condition of anonymity that the government officials met with analysts from credit agencies to discuss the state of Indian economy. Government has shared data with rating agencies in order to help them make assessment for India’s ratings. As per reports, Indian officials questioned the ratings agency about their parameters in deciding rankings.

Earlier this year, Indian officials met analysts from three major ratings agencies and asked for an upgrade. The economic metrics in India are much better compared to many other countries that enjoy better ratings from Ratings Agencies.

India’s fiscal deficit is in control. For year ending March 2023, Indian economy grew at 7.3 percent, marking a strong improvement from the declines faced during COVID-19 pandemic.