Moody's said the revision in GDP growth to 6.9 percent for FY14, up from the earlier estimate of 5 percent, do not change ratios for government finances, private external leverage and bank asset quality.
Moody's said the revision in GDP growth to 6.9 percent for FY14, up from the earlier estimate of 5 percent, do not change ratios for government finances, private external leverage and bank asset quality.
"Policies to address fiscal and supply side constraints will determine whether India's current growth momentum and macro-economic balance can be maintained over the coming years," it added. With the revised base year, the economy is projected to clock 7.4 percent growth in current fiscal ending March 31.
"Fiscal and structural reform policies will determine the extent to which accelerating growth will buttress the sovereign credit profile," Moody's said.
It also cautioned that India's wide fiscal deficits, poor infrastructure and regulatory complexity have combined to create a mismatch between domestic demand and supply, contributing to inflation and current account pressures.
Also, in the absence of government action to reduce fiscal deficits and structural supply constraints, a pick-up in domestic demand or rebound in global commodity prices could lead to renewed inflation and current account pressures over a three to five year horizon.
"Such a rise in macro economic imbalances could trigger balance of payment pressures, particularly if international liquidity conditions were to tighten from current levels," the report added. After lowering interest rates by 0.25 percent in mid January, the Reserve Bank of India (RBI) had kept key rates on hold in its bi-monthly monetary policy review on February 3.
It had said that it would wait for the Budget on February 28 and other key economic data to decide on further rate cuts.
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