India must raise pace of fiscal improvement - Fitch
MUMBAI (Reuters) - India needs to do more for fiscal improvement to catch up with its peer group, a senior official at Fitch Ratings said on Friday, after India unveiled its annual budget for the fiscal year that starts in April.
"Overall, we think the country's fiscal improvement is fairly in place, but India obviously has to do more to catch up with its rating peer group," Franklin Poon, director at Fitch Asia sovereign team in Hong Kong, told Reuters.
"So, the budget, in that perspective, is disappointing because it does not announce any measure for India to continue improve to fasten the pace of fiscal improvement," he said.
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Data released on Friday showing a slowdown in India's economy will put the Reserve Bank under renewed pressure to cut interest rates, while Prime Minister Narendra Modi takes his time over reforms needed for a revival. Full Article