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This is an archive article published on April 25, 2012

Don8217;t panic on S038;P downgrade: Pranab

FM said there is no need to panic as govt is committed to economic reforms.

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Terming Standard and Poor8217;s Samp;P8217;s decision to downgrade India8217;s credit rating outlook to negative as a 8220;timely warning8221;,Finance Minister Pranab Mukherjee today said there is no need to panic as the government is committed to economic reforms.

8220;I am concerned but I don8217;t feel panicky because I am confident that our economy will grow at 7 per cent,around 7 per cent if not plus. We will be able to control fiscal deficit and it will be around 5.1 per cent8221;,he told reporters here.

The Minister,however,said that the government will take note of the Samp;P8217;s decision to lower India8217;s rating outlook to BBB- the lowest investment grade rating and work for achieving higher economic growth.

8220;So economic reforms will be on track. The reform process and necessary administrative decisions required to ensure that fiscal deficit is retained at projected level will be taken.

8220;We should continue to work for higher GDP8230; We will take note. It is a timely warning8221;,the Minister said.

 

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