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Our Bureau

Mumbai, Aug. 1

Fitch Ratings on Tuesday upgraded India's long-term foreign and local currency issuer default ratings (IDR) to `BBB-' from `BB+', both with stable outlooks, said a press release. The short-term foreign currency IDR has also been raised to `F3' from `B' and the country ceiling to `BBB-'from `BB+'. According to the release, the general Government deficit has declined to 7.7 per cent in 2005-06 from 10.1 per cent of GDP in fiscal year 2001-02. This is due to higher growth, lower interest rates, an improved tax administration and some widening of the tax net. While there was modest tightening at the Centre, many of the States and Union Territories have introduced value-added tax and enacted fiscal responsibility legislation over the past year. " Propelling India closer to sustainable double digit growth of 10 per cent will demand greater fiscal consolidation and a renewed push on structural reforms," said Mr Amit Tandon, Managing Director, Fitch Ratings: India. — Our Bureau

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