Ping Chew Fiscal Quotations

Further liberalization of the economy and infrastructure improvements will help India's trend growth. Such reforms coupled with continued fiscal consolidation will help India achieve investment grade over time.

There is always this worry that such a spending plan will widen the budget deficit. If India misses the deficit target again, it could dilute its commitment to fiscal consolidation. Giving dole doesn't resolve poverty.

The ratings on Taiwan could be lowered if further fiscal slippages cause the debt burden to rise markedly.

The ratings reflect Taiwan's strong external position and robust economy in a challenging policy environment in which fiscal flexibility has weakened.

The fiscal position has to improve not just from the revenue front but also the expenditure side. At present, India's expenditure remains rigid, with spending on interest, salaries and pension limiting ability to spend on other critical areas.