Despite recent upgrades from some, India’s high government debt hinders further rating improvements. New research indicates agencies prioritize existing debt over future plans, faintly recognize growth's debt-reducing impact, and largely consider "country effects" like institutions. India's fiscal prudence and growth-interest rate gap make its debt safer. The author urges India to boost revenues, integrate states' finances, enhance transparency of liabilities, and adhere to its debt anchor. This strategy, alongside advocating for clearer agency assessments for fast-growing emerging markets, promises fairer borrowing costs and improved ratings.