Mumbai, Aug. 14 -- India's credit profile received a boost as S&P Global upgraded its ratings, citing the country's buoyant economic growth, fiscal consolidation push, and improved spending quality.

The agency forecast that India's economy will expand by 6.8% annually over the next three years, CNBC TV18 reported.

S&P raised India's short-term rating to A-2 from A-3 and upgraded the transfer and convertibility assessment to A- from BBB+. The outlook remains stable.

The upgrade comes just a day before India celebrates its 79th Independence Day.

In May 2024, S&P revised its outlook on India from stable to positive, signalling a potential rating increase if the fiscal deficit narrowed enough to bring the net change in general government ...