8/11/2019 11111 Kkkkk Kk

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economic growth should be supported by the recovering US economy that will provide a market for

Indian merchandise and service exports. Private investment is expected to pick up thanks to the

governments business orientation, and declining oil prices should boost private sector competitiveness,

it said. !he report also argued that economic reforms will need to be fast tracked for India to achieve its

full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

8/11/2019 11111 Kkkkk Kk

2/29

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

8/11/2019 11111 Kkkkk Kk

3/29

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

8/11/2019 11111 Kkkkk Kk

4/29

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

8/11/2019 11111 Kkkkk Kk

5/29

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

8/11/2019 11111 Kkkkk Kk

6/29

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

8/11/2019 11111 Kkkkk Kk

7/29

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

8/11/2019 11111 Kkkkk Kk

8/29

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

8/11/2019 11111 Kkkkk Kk

9/29

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

8/11/2019 11111 Kkkkk Kk

10/29

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

8/11/2019 11111 Kkkkk Kk

11/29

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

8/11/2019 11111 Kkkkk Kk

12/29

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

8/11/2019 11111 Kkkkk Kk

13/29

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

8/11/2019 11111 Kkkkk Kk

14/29

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

8/11/2019 11111 Kkkkk Kk

15/29

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

8/11/2019 11111 Kkkkk Kk

16/29

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

8/11/2019 11111 Kkkkk Kk

17/29

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

8/11/2019 11111 Kkkkk Kk

18/29

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

8/11/2019 11111 Kkkkk Kk

19/29

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

8/11/2019 11111 Kkkkk Kk

20/29

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial conditionstriggered, for instance, by greater volatility induced by US monetary policy

normali/ation or a spike in global risk aversionwhich could lead to capital outflows, asset price

declines, and higher domestic interest rates. !his risk, it added, is more elevated in countries that depend

to a greater extent on external financing such as in India and Indoneseconomic growth should be

supported by the recovering US economy that will provide a market for Indian merchandise and service

exports. Private investment is expected to pick up thanks to the governments business orientation, and

declining oil prices should boost private sector competitiveness, it said. !he report also argued that

economic reforms will need to be fast tracked for India to achieve its full long"term growth potential.

!he #$%s positive outlook on the Indian economy is consistent with similar endorsements by other

international agencies.

&ating agency Standard and Poors 'S(P) last month raised the outlook on Indias sovereign rating to

stable from negative in a vote of confidence for the new governments handling of the economy,

removing the threat of a downgrade to *unk status.

+%ur outlook revision reflects our view that Indias improved political setting offers a conducive

environment for reforms, which could boost growth prospects and improve fiscal management, S(P said

at the time.

I-, however, cautioned that the immediate risks to the outlook stem from a sharp tightening of global

financial condition