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'More reforms on way, no serious threat of downgrade'

India is way above most countries of the world in terms of growth & growth potential: FinMin

Press Trust of India  |  Tokyo 

Promising more reforms initiatives in the next two years, Indian said that there was no serious threat of of the country's by Standard and Poor's.

"I don't think there is a serious threat of downgrade", he said when asked about his reaction to the recent threat of of India's to in 24 months by global agency S&P if more reforms measures were not implemented.

The Minister, who was addressing a press conference on the sidelines of the IMF-annual meetings, said that there would be lot of action on the reforms front in the next 24 months, the timeline provided by the S&P.

The had in its report yesterday said that there was one-in-three likelihood of rating for India if "the country's economic growth prospects dim, its external position deteriorates, its potential climate worsens, or slow".

The Minister said, "(we will) convince them that India does not deserve a downgrade and in terms of growth and growth potential...India is way above most countries of the world".

First Published: Thu, October 11 2012. 15:21 IST