...SINGAPORE (Standard & Poor's) Feb. 29, 2016--Standard & Poor's Ratings Services said today that India's 2016-2017 budget highlights the government's commitment to encourage investment in manufacturing and infrastructure, and to bolster rural demand through welfare programs, while containing the fiscal deficit. However, its limited progress in fiscal consolidation only modestly reduces the vulnerabilities associated with India's low per capita income and weak public finances. Without marked improvements in the general government's fiscal outturns and accompanying declines in net debt, we do not expect to change our rating on India (###-/Stable/A-3) this year or next, based on our current set of forecasts. The Indian government expects the deficit for the fiscal year ending March 2016 to be 3.9% of GDP, against the 3.5% target set in the medium-term fiscal framework. Non-debt revenue for the year is likely to be above the initial budget estimate, largely reflecting indirect tax proposals...
