India pitches for a ratings upgrade with Fitch

India has pitched for a sovereign credit rating upgrade with Fitch Ratings, after announcing its budget last month, a senior finance ministry source said.

"India has taken several measures in the budget to cut fiscal deficit and promote investments. The rating agencies should consider upgrading sovereign credit rating," the source told reporters after Indian officials met with Fitch executives on Thursday.

"India's position is much better among the BRICS group of countries," the source added.

After the budget, Fitch had welcomed India's efforts to press on with structural reforms and a push to resolve bottlenecks that have held up major infrastructure projects, but said the "less aspiring" fiscal consolidation strategy was negative for ratings.

Fitch, and major peers S&P and Moody's Investors Service, rate Indian credit at the lowest investment grade with a "Stable" outlook.

Photograph: Reuters