Budget in line with expectations - S&P
MUMBAI (Reuters) - International ratings agency Standard & Poor's said on Friday that India's 2008/09 budget was largely in line with expectations and more work needed to be done for upgrading ratings.
"The challenges to India's ratings in the future comes from the implementation of the sixth pay commission, slower growth and potential expenditure overruns," Sani Hamid, director at S&P in Singapore, told Reuters.
S&P upgraded India's sovereign rating to BBB-/Stable in January 2007, the first time the country has been on the lowest rung of investment grade in more than a decade.
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Prime Minister Narendra Modi has a long list of pro-growth measures to implement over the next four months, but time may have already run out to breathe enough life into the economy to meet the tough 2014/15 fiscal deficit target without cuts. Article