FinMin to assuage concerns of rating agencies; economy remains robust: DEA Secretary

The finance ministry has said it will try to assuage concerns of rating agencies on opting for higher deficit and other Budget numbers while stressing that fundamentals of the economy are strong.

Moody's Investors Service has described that economic growth projections made by Finance Minister Nirmala Sitharaman in the Budget 2020-21 appear ambitious given the structural and cyclical challenges facing the Indian economy.

Economic Affairs Secretary Atanu Chakraborty said the Indian economy remains robust and more than meets the requirement of investment grade and above.

"Certainly, I can say that the economy remains robust and more than meets the requirement of investment grade and above," he said.

Asked if he is apprehensive about rating downgrade following relaxation in the fiscal deficit target, he said, "No, not at all. Since I see the numbers much more closely, I am strongly confident of the inherent robustness of the economy. It is far too robust than our numbers reflect."