<p>There is no case for downgrading India's sovereign credit rating, Economic Affairs Secretary Arvind Mayaram told the news channel ET Now on Monday, after Standard & Poor's reiterated its negative outlook on the country's credit rating.</p>.<p>The rating agency last week warned that India needed to follow through on implementing a slew of pending economic reforms, a warning that dealt a blow to a government that had recently pitched for an upgrade.</p>.<p>The agency had also said that high fiscal and current account deficits remained a drag on India's rating, saying there was a higher than one-in-three chance of it downgrading the country to "junk" investment status.</p>.<p>Mayaram said the concerns over the pace of implementing economic reforms were "overstated", adding India's current account deficit and economic growth are likely to improve over the previous fiscal year.</p>
<p>There is no case for downgrading India's sovereign credit rating, Economic Affairs Secretary Arvind Mayaram told the news channel ET Now on Monday, after Standard & Poor's reiterated its negative outlook on the country's credit rating.</p>.<p>The rating agency last week warned that India needed to follow through on implementing a slew of pending economic reforms, a warning that dealt a blow to a government that had recently pitched for an upgrade.</p>.<p>The agency had also said that high fiscal and current account deficits remained a drag on India's rating, saying there was a higher than one-in-three chance of it downgrading the country to "junk" investment status.</p>.<p>Mayaram said the concerns over the pace of implementing economic reforms were "overstated", adding India's current account deficit and economic growth are likely to improve over the previous fiscal year.</p>