RBI advice helped States, not Centre

At a time when Standard & Poor's revised the outlook on the long-term ratings on India to negative from stable — mentioning that high fiscal deficits and a heavy debt burden remain the most significant constraints on the sovereign ratings on India — a silver lining in the field of public finances has been the gradual and consistent improvement of financial position of the sub-national State governments in recent years. This should not go unnoticed.

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