ICRA's latest report highlighted India Inc's credit profile in the 2023-24 fiscal year, citing domestic consumption demand and infrastructure spending as key supports. Despite challenges like rising borrowing costs and global events, rating upgrades outpaced downgrades. Sectors like aviation and hospitality saw positive momentum, while challenges persisted in others. The agency maintained a positive outlook for the hospitality sector in 2024-25 and noted improvements in credit profiles, with a decrease in instances of defaults.