India Inc s credit ratings saw more upgrades than downgrades during October-March 2024, despite challenges like rising borrowing costs and supply constraints due to geopolitical issues. Strong domestic consumption and government infrastructure spending contributed to this trend. Sectors like roads, renewables, and hospitality drove upgrades, while export-oriented sectors faced downgrades. The credit ratio stabilized at pre-COVID levels, indicating positive credit quality outlook for fiscal 2025. However, uncertainties like monsoons and geopolitical landscape changes remain potential risks.