S&P upgraded India’s credit rating outlook to positive from stable, reflecting robust economic fundamentals expected to support growth in the coming years. This change is timely as India will be included in JPMorgan’s emerging-market bond index, which is expected to attract foreign inflows of about USD 20-25 bln over the ten months to March. Additionally, India received an unexpected boost from a record central bank dividend (INR 2.11 tln), aiding in further fiscal deficit reduction.