FinMin 'not disappointed' with S&P action; terms it a cautious move

The assessment is also almost in line with Moody's and possibly is waiting for some time to upgrade, said economic affairs secretary Subhash Garg

The government, after Standard & Poor's affirmation of India's sovereign rating and outlook, said the rating agency was more cautious in its assessment than Moody's but agreed that fiscal consolidation was a concern in financial year 2017-18.

On Friday, S&P reiterated its BBB- rating and 'stable' outlook for India. Also, that despite two quarters of weaker-than-expected growth, the economy was forecast to grow robustly in 2018-2020 and foreign exchange reserves to continue rising. Also, that sizable fiscal deficits, a high net general government debt burden and low per capita income detracted from the credit profile.

"They (S&P) have the same two concerns