Crisil Ratings on Wednesday said a broad-based recovery is on for India Inc currently, and upgraded its credit quality outlook to ‘positive’ from the earlier ‘cautiously optimistic’.

It said the credit ratio, which illustrates the number of upgrades to downgrades, rose to over 2.5 times in the first four months of the fiscal, as compared to 1.33 times in the second half of FY21, it said.

Crisil has also done a study of 43 sectors, excluding the financial sector, accounting for 75% of the overall Rs 36 lakh crore in outstanding debt, which shows that the current recovery is broad-based.

The rating agency said the credit ratio, which illustrates the number of upgrades to downgrades, rose to over 2.5 times in the first four months of the fiscal, as compared to 1.33 times in the second half of FY21.