Friday, Sep 30, 2022

Moody’s: India’s Budget 2013 ‘realistic’,positive for sovereign ratings

In a significant development for economy,FM Chidambaram's Budget received a thumbs up from Moody's.

Budget 2013 unveiled last week by Finance Minister P. Chidambaram offers a “realistic” plan to meet the India’s fiscal deficit target,and should be a credit positive for its sovereign ratings,Moody’s Investors Service said in a report on Monday.

India’s fiscal consolidation plans could pave the way for monetary easing,thus helping revive economic growth,Moody’s added.

“This plan of modest fiscal consolidation is credit positive for the sovereign because against a backdrop of subdued GDP growth and upcoming elections,it is a realistic effort to correct India’s macroeconomic imbalances,” Moody’s said in its report.

Moody’s is the only rating agency,of the three major credit agencies,to have maintained its “stable” outlook on India’s ratings. Standard & Poor’s and Fitch have the country with a “negative” outlook.

Subscriber Only Stories
Shashi Tharoor: ‘I don’t think everyone who voted BJP in 2014...Premium
Ahead of Centre’s ban, chorus from Sangh, affiliatesPremium
Volatile INR still relatively stable; what now?Premium
Hindu-Muslim violence in the UK: Revisiting LeicesterPremium

First published on: 04-03-2013 at 11:19:02 am
Next Story

One arrested in connection with Hyderabad blasts

Latest Comment
Post Comment
Read Comments