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Fitch: budget deficit puts India’s rating at risk

Fitch: budget deficit puts India’s rating at risk
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First Published: Fri, May 15 2009. 12 07 AM IST
Updated: Fri, May 15 2009. 12 07 AM IST
New Delhi: India needs to cut its budget deficit to avoid having its credit rating lowered, Fitch Ratings said.
India faces considerable challenges in balancing the need for short-term stimulus measures to counter the economic downturn and the necessity of re-establishing a sustainable medium-term path for the country’s public finances, Fitch said in an emailed statement on Thursday.
Fitch, which has assigned India a BBB- rating, its lowest investment grade, expects the nation’s new government to step up spending to arrest slowing economic growth.
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First Published: Fri, May 15 2009. 12 07 AM IST