Standard & Poor's said on Thursday India's budget for the 2013/14 fiscal year would have no impact on the country's sovereign credit ratings, warning there was potential for the government to exceed its budgeted spending.
S&P also said there had been "little progress" in structural reforms to reduce the "vulnerability" in the government's fiscal position.
S&P last year cut its outlook on India's "BBB-minus" sovereign ratings to "negative," threatening to push the country into sub-investment category.
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