New Delhi, Sept. 5 -- India's 7.8% GDP growth in the June quarter received a vote of confidence, as on September 2, Japan Credit Rating Agency (JCR) upgraded India's sovereign rating from BBB+ to A- and assigning a stable outlook.

The upgrade applies to both India's foreign currency and local currency long-term issuer ratings. It marks an improvement in JCR's assessment of India's ability to meet its financial obligations, with the agency citing sustained economic growth, stronger public finances and an improving financial system.

"Considering India's solid economic growth, the effectiveness of economic policies that strengthen the foundations for growth, and the improved soundness of the financial system, JCR has upgraded the Republic ...