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India puts private US rating agency S&P in its place

Standard & Poor’s (S&P) on Friday threatened to downgrade India’s rating to ‘junk’ status if it fails to pursue reforms, to which the government retorted by saying that global investors hold a different view and there is nothing to be worried about.

Chief Economic Advisor to the Finance Ministry Raghuram Rajan said the rating action is ‘disappointing’, Economic Affairs Secretary Arvind Mayaram said, ‘I think we are on right track and the reform process will continue and, therefore. I don’t think there is anything to be worried about’.

‘S&P has not seen it fit to improve its outlook for India, especially given that it acknowledges the important steps taken by the Indian Government in recent months,’ said Rajan.

PTI

PTI

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