“Key to India’s creditworthiness will be the continued effective and timely imple- mentation of reforms, especially amid the vested interests of unions, public-sector managers, and political parties,” S&P observed.
Bloating subsidy bill
•The government has still had to issue Rs 94,600 crore in oil bonds
•Rising commodity prices will likely lead to subsidy increases
•The 6th Pay Commission’s recommendations will further add to the subsidies bill
“Increased subsidies relating to oil, food, and fertilisers are estimated to have understated the deficit by about 1.0% of GDP”
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