Promising more reforms initiatives in the next two years, Finance Minister P. Chidambaram today said that there was no serious threat of downgrade of the country’s credit rating by Standard and Poor’s.
“I don’t think there is a serious threat of downgrade,” he said when asked about his reaction to the recent threat of downgrade of India’s credit rating to junk grade in 24 months by global agency S&P if more reforms measures were not implemented.
The Minister, who was addressing a press conference on the sidelines of the IMF-World Bank annual meetings, said that there would be lot of action on the reforms front in the next 24 months, the timeline provided by S&P.
The rating agency had in its report yesterday said that there was one-in-three likelihood of rating downgrade for India if “the country’s economic growth prospects dim, its external position deteriorates, its potential climate worsens, or fiscal reforms slow’’.
The Minister said, “(we will) convince them that India does not deserve a downgrade and in terms of growth and growth potential...India is way above most countries of the world’’.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.