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CRISIL's ESG 'scoring' business will now be transferred to CRISIL ESG Ratings.

Amish Mehta, Managing Director and CEO, CRISIL Ltd, said: “The approval comes at an opportune time when ESG disclosures have been improving and there is increasing realisation in the financial markets on the need for independent ESG ratings."

In the last fiscal year, Crisil gave 409 rating upgrades and 228 downgrades. Some export-linked sectors, such as textile and seafood, saw a higher downgrade rate due to subdued global demand or high-cost inventory that impacted profitability.

Crisil Ratings forecasts a positive credit quality outlook for Indian corporates in the first half of fiscal year 2024-25, with upgrades expected to exceed downgrades. Sectors like infrastructure, hospitality, and education are bolstered by government spending, while export-linked sectors face uncertainties due to subdued global demand. Overall, healthy balance sheets and sustained domestic demand are anticipated to support credit quality.

Crisil Ratings forecasts a positive credit quality outlook for Indian corporates in the first half of fiscal year 2024-25, with upgrades expected to exceed downgrades. Sectors like infrastructure, hospitality, and education are bolstered by government spending, while export-linked sectors face uncertainties due to subdued global demand.