FM Sitharaman cites India's unblemished track record of fiscal consolidation to Moody's not changing ratings
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Sitharaman in her budget for fiscal year beginning April treaded a fine line between fiscal prudence and providing a thrust to growth as she not only gave the middle class the biggest-ever tax relief but also unveiled a glide path for reducing fiscal deficit next year and debt as percentage of GDP by 2031.
India, she said, had to borrow more during the pandemic to meet the fiscal needs of the economy amid global challenges, supply chain disruptions and geopolitical conflicts in two theatres.
«Despite all these we have shown a commitment and following the commitment to the last word as regards fiscal deficit and the glide path that we should follow,» she told PTI in an interview. «We have, not one year have we failed (to meet our commitment)».
Moody's Ratings on Saturday ruled out an immediate upgrade of India's sovereign rating despite the government's efforts to manage its finances prudently.
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