India's Modi feels heat from credit agencies, markets on budget

July 11, 2014 1:30 PM

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India's Modi feels heat from credit agencies, markets on budget

NEW DELHI/MUMBAI (Reuters) - New Indian Prime Minister Narendra Modi is under pressure to perform on the economy after a budget packed with ambitious targets met mild scepticism from investors and credit-rating agencies and failed to dispel the latent risk of a downgrade.

With varying degrees of severity, Fitch, Moody's and Standard & Poor's all expressed worries that Finance Minister Arun Jaitley's pledge to keep this year's fiscal deficit to 4.1 percent of gross domestic product looked unrealistic.

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