Two days after a key finance ministry official questioned the methodologies used by global rating agencies and slammed them for following "inconsistent standards", S&P today claimed that its rating methodologies are transparent and consistent across the globe.
Budget 2017 illustrated government‘s commitment towards improving fiscal performance. However, implementation is key and policy anchors are necessary for that, said Kyran Curry, Director, Sovereign Ratings, S&P Global Ratings.
India's surprise move to abolish high-value rupee notes has undermined the central bank's reputation for competence and independence, even as it remains a credible institution, Standard & Poor's director Kyran Curry said on Wednesday.
S&P said it would wait for the government to improve its net debt and fiscal consolidation and does not expect to change India's BBB- rating with a 'stable' outlook until next year.
"Although we expect the administration to pursue its stated fiscal consolidation programme, we foresee that planned revenues may not fully materialise and subsidy cuts may be delayed," S&P Ratings Services India Sovereign Analyst Kyran Curry told PTI.
The 7th Pay Commission on Thursday recommended increase in remuneration of about one crore government employees and pensioners which is estimated to impose an additional burden of Rs 1.02 lakh crore in 2016-17.