S&P upgrades India's sovereign ratings, citing strong growth, stable outlook, but warns and fiscal deficits.

• India posted 8.8% average GDP growth, the highest in Asia‑Pacific, driven mainly by domestic consumption sectors.
• Government fiscal deficits remain wide, debt burdens high, yet growth moderates the debt‑to‑GDP ratio in the future.
• U.S. tariffs' impact is manageable; switching from Russian crude would cost due to the narrow price differential.