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Home News India Finance Minister scoffs S&P report

Finance Minister scoffs S&P report

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Finance Minister Pranab Mukherjee accused Standard and Poor's of not being "transparent."
 
He rejected the Standard and Poor's report that India could be the first BRIC country to falter and said there would be a turnaround in growth prospects in the coming months and said “India's economy is in a much better shape than what is being perceived by the global rating agency.”
 
Between April and now, the Finance Minister said there were no significant events to indicate that the economy's vulnerability to shocks had increased though growth numbers for the fourth quarter 2011-12 were below expectations.
 
"You cannot judge us on a few parameters. We think we are in a much better condition than they think we can be," said Secretary, Department of Economic Affairs,R Gopalan.
 
In the month of April, S&P had cut its outlook on the country's sovereign rating of 'BBB-' to negative from stable. Post this the finance Ministry officials had intensive discussions with S&P representatives
"We had also asked them to share with us their findings before the ratings are assigned so that we can explain our point of view. We don't seem to be getting transparent answers," said Mr. Gopalan. 

 

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