May 2, 2012 / 4:18 AM / 6 years ago

India has leeway to get reforms on track: Moody's

MANILA (Reuters) - India has some leeway to get reforms back on track with its long-term growth prospects firm, Tom Byrne, a senior vice president of rating agency Moody’s Investors Service, said on Wednesday.

An Indian one rupee coin is seen in this picture illustration taken in Mumbai April 30, 2012. The Reserve Bank of India's battle to contain a falling rupee just got tougher. The current account deficit is widening and a weak global investment climate coupled with policy paralysis in New Delhi, sticky inflation and slowing growth have increased the aversion of foreign investors to India, pushing the capital account into the red. REUTERS/Vivek Prakash

“There is no imminent funding crisis because of policy slippages,” Byrne told reporters at the Asian Development Bank’s annual meeting in Manila, explaining the rating agency’s stable outlook for India.

Standard & Poor’s last week cut India’s outlook to negative from stable, citing its large fiscal deficit and expectations of only modest progress on reforms given political constraints, battering stocks, bonds and the rupee.

Reporting by Rie Ishiguro; Editing by John O'Callaghan

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