India may face a lack of major new reforms until the general elections in 2024, according to S&P Global Ratings. Should a government backed by a strong mandate come into power, however, the nation's reform momentum could increase. S&P Global Ratings held India's long-term rating at 'BBB-', and forecast economic growth of 6% during the current fiscal year, 6.9% in each of the following two years, and inflation to decline to 5% in FY24.