MUMBAI 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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India has waived retrospective imposition of a minimum alternative tax (MAT) affecting foreign funds, the Finance Minister said on Tuesday, a move that could resolve a dispute that had shaken investor confidence. Full Article