India reasonably well protected from higher interest rates in US: James ...

It is somewhere between 60% and 65%, which is relatively high given the rating level. So that is something that we would like to see coming down over time. The other issue is the structure reform agenda and how quickly that can be addressed, particularly on the supply side, to get the economy growing faster. That would certainly help public finances and address some of the other credit issues.

ET Now: There is a month to go for the Indian Union Budget as well. What would you like to see the government to do?

James McCormack: It will be interesting to see whether or not this year fiscal deficit target is met. We did have some doubts about that and we do not particularly have a wish list for the upcoming Budget. We would step back and again take a look from a medium-term perspective. Our public finances are being put on a more sustainable path, on the revenue side particularly. We would like to see sustainable revenue position going forward and gradual improvement in public finances. That would again be supportive of the rating going forward.