Some analysts thought the Finance Minister was trying hard to win a rating upgrade. "The govt is targeting its stakeholders. In other words, the government is gunning for a rating upgrade by keeping its fiscal math in check. They (Govt) resisted the temptation of spending in terms of recapitalisation of banks or increasing expenditure on the populist program. This was much larger than the India’s credit-to-GDP ratio.

Source: Economic Times February 02, 2017 11:00 UTC