Press Esc to close

More reforms on way; no serious threat of downgrade:FM

Tokyo, Oct 11, 2012 (PTI) 15:45 IST
Finance Minister Palaniappan Chidambaram speaks during a news conference at the Annual Meetings of the International Monetary Fund and the World Bank Group in Tokyo October 11, 2012. REUTERS
Promising more reforms initiatives in the next two years, Indian Finance Minister P Chidambaram 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 the 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".

Go to Top

More from this section
Most trending stories
Photo Gallery
Karnataka Minister K J George unveils the Bengaluru Open 2017 trophy...

Karnataka Minister K J George unveils the Bengaluru Open 2017 trophy...

The holy shrine of Badrinath received moderate snowfall in Uttarakhand ...

The holy shrine of Badrinath received moderate snowfall in Uttarakhand ...

A Mathew and HDRL Thirimanne greet each other as they built up their partnership...

A Mathew and HDRL Thirimanne greet each other as they built up their partnership...

Tourists enjoy this winter's first snowfall at Manali, in Himachal Pradesh...

Tourists enjoy this winter's first snowfall at Manali, in Himachal Pradesh...

People watch an ill fated bus after an accident which killed many people in Latur...

People watch an ill fated bus after an accident which killed many people in Latur...

Manushi Chillar, center is crowned Miss World during the beauty pageant..

Manushi Chillar, center is crowned Miss World during the beauty pageant..

Players of North East United FC and Jamshedpur FC vie for the ball...

Players of North East United FC and Jamshedpur FC vie for the ball...

Manushi Chillar is crowned Miss World during the beauty pageant...

Manushi Chillar is crowned Miss World during the beauty pageant...

Bangalore ATP Challenger

Bangalore ATP Challenger

Rebel AAP MLA Kapil Misra and BJP MLA Manjinder Singh Sirsa after putting anti-pollution masks on...

Rebel AAP MLA Kapil Misra and BJP MLA Manjinder Singh Sirsa after putting anti-pollution masks on...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.