Doha Bank CEO hails Indian budget as prudent, pragmatic

India has “evaded the risk” of being downgraded by global credit rating agencies because of the “prudent andpragmatic” federal budget, presented on Thursday, even as “worry” remains on high current account deficit due to excessive dependence on oil imports, according to Doha Bank CEO R Seetharaman.

“The imminent risk of India being downgraded seems to be evaded after (India’s) finance minister presenting a prudent and pragmatic budget,” he said in his initial reactions to India federal budget for 2013-14, which was tabled in Parliament.

Terming it as “responsible and balanced”, he said the budget has delivered both on the fiscal and capital markets perspective.

The fiscal consolidation on the budget front is achieved through a combination of higher tax revenues and increased divestment planning; the total divestment planned is Rs400bn during the year.

Read more: http://www.gulf-times.com/business/191/details/343977/doha-bank-ceo-hails-indian-budget-as-prudent%2c-pragmatic