No need for panic after S&P downgrade: Pranab

Finance Minister Pranab Mukherjee said there was "no need for panic" after the rating agency Standard & Poor's downgraded the country's outlook from stable to negative on Wednesday.

India is likely to pass some financial reforms in the current session of Parliament, which started on Monday, he added.

"There is no need for panic," Mukherjee told reporters. "The situation may be difficult, but we will be surely able to overcome (it)."