Moody's says budget lacks details on fiscal deficit target. "The intent appears to be there, but the measures have not been really thought through yet," Sheth added.
Moody's currently rates India at "Baa3", the lowest investment-grade rating, with a "stable" outlook.
The agency (Fitch) is currently unsure how this (fiscal deficit) can be met without further revenue-strengthening or expenditure-saving measures," Colquhoun wrote.
"Fitch has a more cautious projection on divestment proceeds than the budget. It remains to be seen how the government would react to a shortfall in tax or divestment revenues, if it occurred.
Fitch holds "BBB-minus" rating with a "stable" outlook for India.