The Japan Credit Rating Agency (JCR) raised India's long-term issuer rating from BBB+ to A- — a one-notch upgrade that lifts the country out of the "BBB" band into the higher "A" grade — with a stable outlook. JCR pointed to solid growth (the economy expanded 7.7% in real terms in FY2026), strong private spending and public investment, a central-government fiscal deficit trimmed to 4.4% of GDP, and a healthier banking system with bad loans down to 1.8%. The rating was unsolicited, issued without any request from the Indian government.