"sp-global-ratings"

The sovereign credit ratings on India reflect the economy's above-average long-term real GDP growth, sound external profile, and evolving monetary settings, S&P Global Ratings stated.

GDP growth in the current fiscal was estimated to be in double digits initially, but a severe second wave of pandemic has led to various agencies cut growth projections.

Creating safe working zones is necessary, for it is not possible to perpetually fear and abstain from livelihood activities

Initial shock relays through the economy via various channels - labour markets weaker, household incomes lower.

Flags 'substantial' impact of broader lockdowns on the economy

Stating that India needs many things to be right for its recovery to continue, S&P said the country needs to quickly and thoroughly vaccinate most of its 1.4 billion people

"We affirmed the ratings because we expect Indian Bank to be able to absorb a moderate deterioration in its asset quality over the next 12 months and benefit from faster-than-expected economic recovery in India," said S&P.

The US-based rating agency said its revision in growth forecast reflects a faster-than-expected recovery in the quarter through September. For the next fiscal, it projected India's growth to rebound to 10 per cent.

S&P projected the Indian economy to grow at 10 per cent in the next fiscal

S&P said this deal is positive for India's banking sector and will bring much-needed relief to LVB, which has been struggling for many years