Rejecting the possibility of Indian economy being downgraded as warned by credit rating agency Standard and Poor's, the Central Government on Wednesday said sufficient measures have been taken to stabilize the country's economy.
Department of Economic Affairs Secretary, Dr. Arvind Mayaram, said that India has taken sufficient measures to stabilize its economy, and added that there is no chance of its being downgraded.
Dr. Mayaram, who was speaking to media onboard Prime Minister Dr. Manmohan Singh's aircraft to St. Petersburg, Russia, said that the economic growth will start picking up in the third and fourth quarter with 30 billion dollars projects approved by the Cabinet Committee on Investment.
He further said that nine billion dollars foreign investment has taken place in the first quarter as against five billion dollars in the same period last year.
The Standard and Poor's had earlier on Tuesday said that there are 33 percent chances of India's economy being downgraded.
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