MUMBAI, April 13 (Reuters) - India's hard-won fiscal improvements could fail to withstand an external shock, rating agency Standard and Poor's warned on Monday, given "less than rock solid" public finances that remain a concern for its sovereign rating profile.
"While the country's budgetary performances have strengthened in recent years, its hard-won fiscal improvements could yet unwind because of a financial or commodity shock," the rating agency said in a report, citing the need to pay out costly subsidies and interest on government debt.
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