S&P: budget will not impact India's sovereign ratings
MUMBAI (Reuters) - Standard & Poor's said on Thursday India's budget for the 2013/14 fiscal year would have no impact on the country's sovereign credit ratings, warning there was potential for the government to exceed its budgeted spending.
S&P also said there had been "little progress" in structural reforms to reduce the "vulnerability" in the government's fiscal position.
S&P last year cut its outlook on India's "BBB-minus" sovereign ratings to "negative," threatening to push the country into sub-investment category.
(Chidambaram calls for tough choices, click here)
(Rich taxpayers to pay 10 percent surcharge, click here)
(Budget 2013 highlights, click here)
(Reporting by Rafael Nam; Editing by Anand Basu)
- Tweet this
- Share this
- Digg this
- Missouri grand jury makes decision in fatal shooting of black teen
- Congress signals it could back Modi's insurance reform plan
- Jindal Steel shelves $10 bln project after coal setback
- Hagel, under pressure, resigns as U.S. defense secretary |
- Recharge your phone in 30 seconds? Israeli firm says it can
The reformist government that many Indians and free-market flag-bearers had hoped would emerge after this year's election isn't in New Delhi - at least not yet. Rajasthan, derided as a poverty-stricken laggard, has taken the lead on structural reforms that, their backers argue, could also help Asia's No.3 economy as a whole to attract business and employ a fast-growing workforce. Full Article
Hyundai Motor, Kia Motors lift 2014 global sales target on China, emerging markets Full Article