India has leeway to get reforms on track - Moody's

May 02, 2012 |

Reuters

MANILA

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India has some leeway to get reforms back on track with its long-term growth prospects firm, Tom Byrne, a senior vice-president of rating agency Moody's Investors Service, said on Wednesday.

"There is no imminent funding crisis because of policy slippages," Byrne told reporters at the Asian Development Bank's annual meeting in Manila, explaining the rating agency's stable outlook for India.

Standard & Poor's last week cut India's outlook to negative from stable, citing its large fiscal deficit and expectations of only modest progress on reforms given political constraints, battering stocks, bonds and the rupee.

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