“Target 2038: How Modi’s Make In India Reboot Can Turn Trade Shock Into Strategic Win”, News18, 25 Sep 2026.
“On September 2, the Japan Credit Rating Agency raised India’s long-term sovereign rating by one notch, from BBB+ to A-, and lifted the country ceiling to A.
Growth had held at around seven per cent, carried by private consumption and public investment, and the banks’ lending into that growth had brought their gross non-performing loan ratio down to 1.8 per cent by the end of March, which the agency credited to the Insolvency and Bankruptcy Code, government capital injections and tighter supervision by the Reserve Bank of India.
It traced the productivity gains to digital public infrastructure and GST, and it counted foreign exchange reserves well above India’s short-term external debt as the cushion that would absorb a shock from abroad.
The ceiling matters for manufacturing because it caps the rating any Indian borrower can receive on foreign-currency debt, and companies building plants often borrow abroad. On JCR’s scale, India now sits two notches above the BBB that S&P awarded in August 2025, after an eighteen-year wait………..”
Read the full article at News18.
