-- We believe the steps announced in today's budget speech could signal a turning point that reverses the recent deterioration in India's fiscal position. -- Further steps to structurally improve India's fiscal position and flexibility would solidify this trend, and could contribute to a revision of India's sovereign outlook back to stable against the background of improving macroeconomic indicators. SINGAPORE (Standard&Poor's) Feb. 26, 2010--India's 2010-2011 budget, announced today, marks the country's first steps towards fiscal consolidation after two years of deteriorating finances. Standard&Poor's Ratings Services believes that increased certainty that the government can restore its financial soundness over the next several years will be key to improving the sovereign credit ratings on India (BBB-/Negative/A-3). "For India,
