Bold decisions taken by the government to arrest fiscal deficit and boost growth makes a case for a rating upgrade from global ratings agencies like Standard & Poor's
(S&P), Economic Affairs Secretary Arvind Mayaram said on Thursday.

After a meeting with representatives of S&P, Mr. Mayaram told reporters that said that the finance ministry was confident that global agencies would upgrade the country's sovereign rating.

Speaking on the topic, Mr. Mayaram added, "I think there is a case for an upgrade because we have taken the kind of decisions that most of countries in the world have not been able to take."

He added that the government had shown its determination to bring the economy back on growth track, and that there was no doubt that the economic growth would accelerate.

On April 12, the finance ministry officials had held a meeting with the representatives of Fitch.

Earlier, ratings agencies S&P and Fitch had warned that India's credit rating could be downgraded further. S&P currently pegs India's rating at `BBB-', lowest in the investment grade.

Mr. Mayaram exuded confidence that there would be no further rating downgrading as the government had taken all required steps, such as reducing subsidies on LPG and kerosene, to tackle fiscal deficit.