Finance Minister Presents Budget Aimed at Fiscal Consolidation, But Global Agencies Unimpressed by Deficit and Debt Levels
• Finance Minister presented a prudent budget aimed at fiscal consolidation and improving India's credit rating
• Global rating agencies Moody's, Fitch and S&P maintained their lowest investment grade ratings for India with a stable outlook
• Agencies said budget changes little - deficits still high compared to pre-pandemic levels and debt reduction not substantial
• Government officials complained of rating agencies' double standards and bias against emerging economies
• Issue of dissatisfaction with global agencies' ratings and standards for India has persisted since 2016 under previous government