Welcoming the country's policy stability and improved monetary credibility, but ruled out any upgrade for this year or in 2017 because of weak public finances and low per capita income, Standard and Poor’s affirmed India’s sovereign rating.

The stance comes despite a push for a ratings upgrade by government officials, who have argued the country has kept its fiscal deficit in check and passed a slew of major economic reforms including a revamp of the goods and services tax (GST). 

But S&P on Wednesday stuck to its rating of "BBB-minus" with a "stable" outlook, saying it would need to see more efforts to lower the country's net general government debt level to below 60 percent of gross domestic product. 

"The stable outlook balances India's sound external position and inclusive policymaking tradition against the vulnerabilities stemming from its low per capita income and weak public finances," S&P said in a statement. 

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