The US-based rating agency expects the current account deficit (CAD), which is the difference between inflow and outflow of foreign exchange, to remain at a modest level of 1.4 percent at the end of current fiscal and would continue at similar level till 2018.

"At the same time this is a country that has low reliance on external savings to fund its growth. In other words, the banks are mainly deposit funded and don't rely on wholesale funding to grow their loan books," S&P Rating Services India Sovereign Analyst Kyran Curry said.

He said India's capital markets are diversified and deep enough for companies to raise funding.

He said while export growth may be disappointing, the current account deficit likely to be a modest 1.4 percent in 2015, with similar levels through 2018.

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