In a big sentiment booster, global rating agency, Standard & Poor's on Friday raised its credit outlook on India to 'stable,' from 'negative.' This indicates the possibility of a rating upgrade.

S&P said its outlook revision indicates its belief that the central government's strong mandate will enable it to implement many of its administrative, fiscal, and economic reforms.

S&P further said that it could raise the rating if the economy reverts to a real per capita GDP trend growth of 5.5 per cent, and fiscal, external, or inflation metrics improve.

Commenting on the S&P upgrade, Finance Secretary Arvind Mayaram said the credit rating agency has acknowledged the steps that the government has taken to improve the economy, and especially revive the investment climate and the growth cycle.

The revision in outlook comes just ahead of Prime Minister Narendra Modi's visit to the US.