India's budget for 2015/16 highlighted the government's commitment to keeping the fiscal deficit low, ratings agency Standard and Poor's said, adding that the country's debt burden and subsidy bill could constrain its ratings.

"India's 2015-2016 budget highlights the government's commitment to keeping the fiscal deficit low despite lower-than-expected revenue growth," S&P said in a statement on Monday. Budget 2015: Complete Coverage

"This commitment moderates the drag on sovereign credit support posed by the relatively heavy general government debt burden in India," it added.

"Nevertheless, the debt burden and large budgetary subsidies could constrain the speed of improvements in India's credit metrics."

Indian Finance Minister Arun Jaitley on Saturday announced a budget that put boosting growth before painful reforms, slowing the pace of fiscal deficit cuts and seeking to put domestic and foreign capital to work. S&P currently rates India at "BBB-minus", its lowest investment grade rating, with a "Stable" outlook.