S&P today retained India’s sovereign rating at “BBB-” with a stable outlook, saying that while risks to growth are rising, the economy and fiscal position will stabilise and begin to recover from 2021 onwards. It said, the stable outlook reflects that India’s economy will recover following the containment of COVID-19 pandemic and the country will maintain its sound net external position. S&P also said the stable outlook also assumes that the government’s fiscal deficit will recede markedly following a multi-year high in fiscal year 2021.