India, Aug. 17 -- Indian shares look set to open on a positive note Monday after S&P Global Ratings upgraded India's sovereign ratings, citing buoyant economic growth, enhanced monetary policy conditions and the government's fiscal consolidation commitment.
The rating agency raised the country's sovereign credit ratings to 'BBB' from 'BBB-', with a 'stable' outlook, saying the higher tariffs from the U.S. administration will have only limited impact on the economy.
S&P pointed out that India's exports to the U.S. constitute only 2 percent of GDP and therefore a higher tariff is unlikely to pose a material drag on India's growth.
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