The Union Budget 2018 is in line with the government's fiscal consolidation path, a Moody's analyst said, adding that it reinforced the credit ratings agency's recent rating upgrade for the country. Most of the spending announced seemed to be on "productive investments" rather than one-time handouts, Joy Rankothge, Vice President of Moody's Investors Service told news agency Reuters. Moody's rates India at "Baa2" with a "stable" outlook.