India Inc ratio of upgrades to downgrades at a decade high as corporates cut borrowings

Indian corporations are showing resilience with a robust credit ratio of 3.2x, as reported by ICRA. This positive trend is fueled by enhanced business strength and asset quality, while downgrades remain minimal. However, challenges like high crude prices and weak monsoons indicate potential agricultural slowdowns. Additionally, uncertainty around US tariffs poses risks for exporters and pharmaceutical companies.