India’s credit rating: Don’t call me junk

During Palaniappan Chidambaram’s second stint as India’s finance minister, in January 2007, India had the satisfaction of getting a credit-rating upgrade. After a bout of fast growth and encouraging noises from the government about its finances, Standard & Poor’s (S&P) boosted India’s rating to BBB-, the lowest rung of investment grade. Today, on his third stint running the ministry of broken dreams, Mr Chidambaram must stop a lurch back to “junk” status.

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