DRG Weekly Newsletter 13.06.2012
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S&P Raises Alarm: Slow growth rate will lead to rise in bad assets

Global ratings firm Standard & Poor projected that India may risk the possibility of being the first to be ousted from the BRIC league unless the country seeks to address the growth issues and introduce political reforms that the agency said would aid in economic liberalization.

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Finance Minister scoffs S&P report

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.”

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Banks want timeline set for firms to exit debt recast mechanism 

Banks are likely to set a timeline for the exit of distressed companies from the Corporate Debt Restructuring (CDR) mechanism.

This move is being considered as there are many cases of companies not exiting the CDR cell on one pretext or the other despite improvement in their operations and financial health. This is to avail themselves of the benefit of softer interest rates under CDR.  

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