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India must boost growth, cut its fiscal deficit and fulfil promises of financial and fiscal reforms in order to justify an upgrade in a credit rating, currently lodged one rung above junk bond territory, rating agency Standard & Poor's said on Monday. S&P raised India's credit rating outlook to 'stable' from 'negative' in September, citing the prospect of reforms. The agency on Monday listed what it needed to see to upgrade India's sovereign debt credit rating from 'BBB-minus'.

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