Press Esc to close
Saturday 26 July 2014
News updated at 1:47 AM IST
Weather
Max: 28.5°C
Min : 19.8°C
In Bangalore
Sunny day

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

Tokyo, Oct 11, 2012 (PTI)
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

Photo Gallery
Actor Akshay Kumar at an event in Gurgaon...

Actor Akshay Kumar at an event in Gurgaon...

Owner of Jaipur Pink Panther Kabaddi Team Abhishek Bachchan during a promotional event...

Owner of Jaipur Pink Panther Kabaddi Team Abhishek Bachchan during a promotional event...

Sand sculpture with a message “Stop War” at Puri beach of Odisha...

Sand sculpture with a message “Stop War” at Puri beach of Odisha...

A villager on his way to collect drinking water wades through flood waters carrying a vessel...

A villager on his way to collect drinking water wades through flood waters carrying a vessel...

Muslims burn a flag of Israel as they protest against Israel's attack on Gaza, after friday...

Muslims burn a flag of Israel as they protest against Israel's attack on Gaza, after friday...

Army jawans lighting lamps at 'Kargil war Wall Memorial' to pay tribute during the celebrations...

Army jawans lighting lamps at 'Kargil war Wall Memorial' to pay tribute during the celebrations...

Ancient passage stairs found during the underground Jaipur Metro train work at Choti Chopad...

Ancient passage stairs found during the underground Jaipur Metro train work at Choti Chopad...

Gold Medalist India's Abhinav Bindra, Silver Medalist Abdullah Baki of Bangladesh...

Gold Medalist India's Abhinav Bindra, Silver Medalist Abdullah Baki of Bangladesh...

A Malaysia Airlines crew member places a flower next to candles forming the letters MH17...

A Malaysia Airlines crew member places a flower next to candles forming the letters MH17...

Boats head out to the mouth of St. Johns River at dawn during the start of the Greater...

Boats head out to the mouth of St. Johns River at dawn during the start of the Greater...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523