The fiscal position has to improve not just from the revenue front but also the expenditure side. At present, India's expenditure remains rigid, with spending on interest, salaries and pension limiting ability to spend on other critical areas.
More Quotes from Ping Chew:
India has the poorest financial position but it has the ability to consolidate and be investment grade.Ping Chew
If you look at what most other money going into China is earning, it is not that inefficient. If you don't invest in U.S. bonds, what do you invest in
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There are some political uncertainties and this is unfortunate. If this remains unresolved, it could impact policy and reform efforts. It could induce negative sentiment.
Ping Chew
The ratings reflect Taiwan's strong external position and robust economy in a challenging policy environment in which fiscal flexibility has weakened.
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The ratings on Taiwan could be lowered if further fiscal slippages cause the debt burden to rise markedly.
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Further liberalization of the economy and infrastructure improvements will help India's trend growth. Such reforms coupled with continued fiscal consolidation will help India achieve investment grade over time.
Ping Chew
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