Fitch 'warns' India to implement reforms or face rating downgrade

PTI : Mumbai, Tue Feb 05 2013, 11:20 hrs

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The road shows, held in Hong Kong, Singapore and Frankfurt, come after reform measures like relaxing foreign holding norms in multi-brand retail and aviation, increasing rail fares, raising the limit on foreign investment in rupee bonds, and a gradual plan to align diesel prices with market realities.

A host of factors like inaction on the policy front, slowdown in growth and the perceived inability to meet fiscal deficit targets had led rating agencies like Fitch and S&P to downgrade their outlook on the country's sovereign rating in mid-2012 to negative from stable.

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