<p>"While I personally feel the US economy is very strong, rating downgrade like this is a wake-up call," Basu told PTI.<br /><br />In an unprecedented move, Standard & Poor's downgraded the US government’s 'AAA'sovereign credit rating, stating that predictability about American policy making and political institutions have weakened at a time of fiscal challenge.<br /><br />However, officials in the US Treasury said the decision of S&P, was flawed. Basu said it was time India focused on sustaining its growth. "Instead of wasting time ...debating whether S&Ps is doing a good job, we should redouble our effort to keep up our excellent track record of growth," he said.<br /><br />Despite global uncertainties and high inflation, Indian economy grew by 8.5 per cent in fiscal 2010-11. It may slightly decline this fiscal, but is expected to stay above eight per cent, according to the RBI and the government projections.</p>
<p>"While I personally feel the US economy is very strong, rating downgrade like this is a wake-up call," Basu told PTI.<br /><br />In an unprecedented move, Standard & Poor's downgraded the US government’s 'AAA'sovereign credit rating, stating that predictability about American policy making and political institutions have weakened at a time of fiscal challenge.<br /><br />However, officials in the US Treasury said the decision of S&P, was flawed. Basu said it was time India focused on sustaining its growth. "Instead of wasting time ...debating whether S&Ps is doing a good job, we should redouble our effort to keep up our excellent track record of growth," he said.<br /><br />Despite global uncertainties and high inflation, Indian economy grew by 8.5 per cent in fiscal 2010-11. It may slightly decline this fiscal, but is expected to stay above eight per cent, according to the RBI and the government projections.</p>