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Budget in line with expectations - S&P
February 29, 2008 / 11:50 AM / in 10 years

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.

A man looks at TV screens showing Finance Minister Palaniappan Chidambaram presenting the Union budget, at a shop in Mumbai February 29, 2008. REUTERS/Punit Paranjpe

“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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