Standard & Poor's repeats its previous stance that it may revise India's outlook to "stable" from "negative" if the government implements initiatives to reduce structural fiscal deficits, improve investment climate and increase growth prospects.

The comments, made in a report on Asia-Pacific Sovereign Ratings dated Wednesday, reiterate its previously stated stance.

Conversely, a downgrade is likely if India's economic growth prospects dim, its external position deteriorates, its political climate worsens, or fiscal reforms slow, S&P says, also reiterating its previous comments.

India's sovereign rating is currently at "BBB-minus", the lowest investment grade, which signals at least a one-in-three likelihood of a downgrade within the next 24 months.