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by these commodities is likely to put more pressure on the current account deficit.
"We continue to be enthusiastic about the opportunity suggested by India, but we remain frustrated by the political and bureaucratic quagmire that inhibits its realisation," the report said.
Rating agency Fitch this month had warned of a downgrade in India's sovereign rating in the next 12-24 months citing slowing GDP growth and weak public finances.
In April and June last year, another rating agency S&P, had warned of further downgrades, which would put India into a junk status from the current lowest investment grade rating of BBB-.