However, the direct impact of growth-enhancing reforms is only likely to take full effect over a multi-year horizon, it said. Moody's further said it expects India's weakened rural economy to remain subdued through the fiscal year ending March 2016, particularly if the risk of below-average monsoon rainfall materialises. "A sustained soft patch for India's rural economy would weigh on private consumption and non-performing assets in the agricultural sector, (which is) a credit negative for the sovereign and banks," Moody's vice-president and senior research analyst Rahul Ghosh said.