On board PM’s special aircraft, 4 September: India today dismissed the latest projection by Standard & Poor’s that there is a more than one-in-three chance of ratings downgrade for the country in the next one to two years, saying there was “no chance” of this prospect.
Economic affairs secretary Arvind Mayaram while giving India’s assessment of the S&P projection said the country has taken several measures to stabilise the economy despite the turmoil in the global economy.
He also wondered which mathematical model was relied upon by S&P to come to the statistical conclusion of a potential downgrade.
“There is no chance of a downgrade,” he told reporters accompanying Prime Minister Manmohan Singh on his visit to Russia to attend the eighth summit of the Group of 20 industrialised and big emerging economies at St Petersburg.
Mr Mayaram was asked to comment on the S&P’s projection on a negative outlook for India.     pti