Indian budget disappoints on deficit-S&P

By agencies   |   Monday, 28 February 2005, 08:00 Hrs
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MUMBAI:Global credit rating agency Standard & Poor today said India's budget presented today lacked IndiaÂ’s keenness to reduce the burgeoning deficit. "Government debt is the main obstruction in the path of further improvements in India's credit ratings and stands out in contrast to the many positive economic indicators displayed by India in recent years," said Standard & Poor's credit analyst Ping Chew. "The 2005/2006 budget does not provide for any significant reduction in the fiscal deficit, following a rather modest reduction in the previous year," Chew added. "Given the strong growth being experienced by the Indian economy, it is surprising that better progress could not be made. Conversely, it must give rise to worries concerning India's future fiscal performance should growth rates become less favourable," Chew said.

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