SINGAPORE (Standard&Poor's) Feb. 28, 2013--As widely expected, India's budget for fiscal 2013-2014 (ending March 31, 2014) announced today targets a deficit of 4.8% of GDP. This is in line with the country's medium-term fiscal consolidation plan recommended by the 13th Finance Commission. The latest budget details have no rating impact on our sovereign credit rating on India (BBB-/Negative/A-3). The government also revised its estimate for the deficit in the current fiscal year ending March 31, 2013, at 5.2% of GDP, which is smaller than the 5.3% target earlier. The improvement in the current fiscal year's deficit outcome has been achieved mainly through reducing expenditures. At the same time, there is little progress in structural reforms to reduce the
