Terming Standard and Poor’s decision to lower India’s credit rating outlook to negative as a “timely warning”, the Finance Minister, Mr Pranab Mukherjee, has said that there is no need to panic as the Government is committed to economic reforms.
“I am concerned but I don’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 cent,” he told reporters here today.
The Minister, however, said that the Government will take note of the S&P’s decision to lower India’s rating outlook to BBB- (the lowest investment grade rating) and work for achieving higher economic growth.
“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).
“We should continue to work for higher GDP... We will take note. It is a timely warning”, the Minister said.
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.