India could receive “rating support” if it utilizes the substantial dividend of over Rs 2.11 trillion from the RBI to trim the fiscal deficit, according to an S&P Global Rating analyst. The unexpected dividend, surpassing the budgeted estimate, amounts to around 0.35 per cent of GDP. However, the extent of fiscal deficit reduction depends on post-election budget decisions. If fully utilized, it could expedite fiscal consolidation, aiding India’s credit rating over time. The government aims to reduce the fiscal deficit to 5.1 per cent of GDP this fiscal year, and further to 4.5 per cent by 2025-26.