Fitch ratings said it was getting more challenging for India to meet its fiscal deficit target in the current fiscal year ending March 2014 with revenues slowing.
The rating agency is also monitoring India's growth, inflation, public finances and the current account deficit and its funding, analyst Art Woo said in a teleconference on Monday.
Fitch has a stable outlook on the 'BBB-' sovereign credit ratings.
BBB- is the last rung on the ratings ladder above the so-called "junk" status that mainstream investors tend to avoid.
Last week, Fitch said India and Indonesia are not at immediate risk of credit rating downgrades, but warned it could act if the governments of these countries fail to calm current financial market tensions.