Makrognosis

India Credit Rating & Sovereign Risk Score

Model scoreCode CREDIT:IN

Model score84 / 1009 Nov 2026
Grade equivalentAA-model-implied
BandInvestment grade0–100 scale, 100 = strongest
Rank18th of 84economies scored

Makrognosis sovereign credit model scores India at 84 out of 100 as of 9 November 2026, equivalent to AA- on the familiar letter scale — investment grade.

The score is up 29.2 points from 55 on 1 October 2026.

That places India 18th of the 84 economies the model scores; Russia has the highest score at 100.

Key inputs include government debt of 81.1% of GDP, a fiscal balance of −6.9% of GDP, a current account balance of −0.4% of GDP.

This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.

India sovereign credit score (0–100), 18 Jun 2026 – 9 Nov 20264050607080Robomacro
India sovereign credit score (0–100), 18 Jun 2026 – 9 Nov 2026. Source: Makrognosis sovereign credit model.

Score history

Assessment dateScoreGrade equivalent
9 November 202684.2AA-
1 October 202655.0BBB-
31 July 202655.0BBB-
30 July 202651.3BB+
26 July 202652.4BB+
21 June 202650.7BB+
18 June 202645.2BB
Get the India sovereign risk score in your code

Score, grade equivalent and inputs for 84 economies. Free tier available.

curl -H "X-API-Key: $MAKROGNOSIS_KEY" \
  "https://makrognosis.robomacro.com/v1/credit/IN"

# Python
import requests
r = requests.get("https://makrognosis.robomacro.com/v1/credit/IN",
                 headers={"X-API-Key": KEY})
score = r.json()["headline"]["score_0_100"]
Get a free API key → · API docs

What drives the score

The model's published inputs for India, from official national and international statistics.

InputValueVintage
GDP per capitaUS$2,702.52026
Real GDP growth, 5-year average7.4%2026
Inflation, recent average3.1%2026
Government debt81.1% of GDP2026
Fiscal balance−6.9% of GDP2026
Current account balance−0.4% of GDP2026
External debt18.6% of GDP2026
Foreign-exchange reserves7.9 months of imports2026
Governance (World Bank WGI composite)−0.1482026

How India compares

#EconomyAs ofScore
1Russia9 Nov 2026100
2Turkey9 Nov 2026100
3Denmark9 Nov 202698
4Switzerland9 Nov 202696
5Netherlands9 Nov 202695
13United Kingdom9 Nov 202688
14Finland9 Nov 202688
15United States9 Nov 202687
16New Zealand9 Nov 202685
17South Korea9 Nov 202685
18India9 Nov 202684
19Austria9 Nov 202683
20France9 Nov 202682
21Singapore9 Nov 202682
22Jamaica9 Nov 202680
23Belgium9 Nov 202680
24Hong Kong9 Nov 202678

All 84 economies ranked →

India economic indicators

India GDP (Gross Domestic Product)India GDP at current prices (MoSPI NAS, 2022-23 series)India Inflation Rate (CPI)India Trade Balance: Goods & ServicesIndia GDP implicit price deflator (IN.GDP.Q.NOM / IN.GDP.Q.REAL x 100; MOSPI, NSA, 2022-23=100)India GDP in US DollarsIndia INR per USD, monthly average of the RBI/FBIL daily reference rate (RBI Reference Rate Archive)India Indian Rupee per US DollarIndia RBI policy/repo rate (BS_ViewPolicyRate)

FAQ

What is India's credit rating?
Makrognosis sovereign credit model scores India at 84/100 as of 9 November 2026, equivalent to AA- (investment grade). This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.
How is the sovereign risk score calculated?
A statistical model scores each economy from published inputs — government debt and fiscal balance, current account and external debt, GDP per capita and growth, inflation, reserves and governance — on a 0–100 scale where 100 is the strongest credit. It is re-run as the inputs update.
Where can I get the data?
Through the Makrognosis API: GET /v1/credit/IN returns the score history and inputs; /v1/credit/universe lists every economy.

This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.

Last assessed 2026-11-09. Source: Makrognosis sovereign credit model.