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Our Bureau

Mumbai , Aug. 23

THERE were mixed reactions to the Standard and Poor's upgradations of India's long-term foreign currency and local currency rating outlooks.

Speaking at the sidelines of a `cyber-safety' conference here today, Mr M. Damodharan, Chairman, UTI and IDBI, said, "Often there have been ratings without an understanding of what the strengths are in this country. I don't see fiscal deficit as a serious concern and feel that we are obsessed with it. Many times, you are looking at a number in isolation and not looking at whether the investment in the short-term that is leading to fiscal deficit leads to growth in the long run.''

``Don't allow externally-driven pessimism to impede in development,'' he said.

, Mr A.K. Purwar, Chairman, SBI, said that the revision would help borrowers get finer rates for their overseas borrowings.

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