Pranab on S&P's warning: Concerned, but not panicky

April 25, 2012 14:31

Terming Standard and Poor's decision to lower India's credit rating outlook to negative as a "timely warning", Finance Minister Pranab Mukherjee today
said there is no need to panic as the government is committed to economic reforms.

"I am concerned, but I don't feel panicky because I am confident that our economy will grow at 7 per cent, around 7 per cent if not plus. We will be able to control fiscal deficit and it will be around 5.1 per cent", he said.

The minister, however, said that government will take note of the S&P's decision to lower India's rating outlook to BBB- (the lowest investment grade rating) and work for achieving higher economic growth.

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