Fiscal deficit target 'encouraging': S&P
Standard and Poor's raised India's sovereign credit ratings to investment grade earlier this month.
By PTI |
MUMBAI: Standard and Poor's Ratings Services said on Wednesday India was on course to continue with its fiscal consolidation, after India set a lower deficit target for the year starting in April.
"The lower fiscal deficit target of 3.3 percent for the next year is encouraging. India is expected to continue on its downward move to reducing fiscal defict targets," Sani Hamid, director, sovereign ratings at Standard and Poor's, told Reuters.
Standard and Poor's raised India's sovereign credit ratings to investment grade earlier this month, citing the country's strong economic prospects and huge foreign exchange reserves.
"The lower fiscal deficit target of 3.3 percent for the next year is encouraging. India is expected to continue on its downward move to reducing fiscal defict targets," Sani Hamid, director, sovereign ratings at Standard and Poor's, told Reuters.
Standard and Poor's raised India's sovereign credit ratings to investment grade earlier this month, citing the country's strong economic prospects and huge foreign exchange reserves.
It currently rates India at the lowest rung of investment grade at BBB-/A-3 from a speculative grade BB+/B. The outlook on the ratings is stable.
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