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Indian economy will return to growth path, says Chidambaram


June 13, 2012 - Ahmedabad

Union Home Minister P. Chidambaram on Wednesday rejected the downgrading warning by rating agency Standard and Poor's, and expressed confidence that Indian economy will be on a high growth path beginning this year

"I think we tend to overreact to rating agencies' reports. In fact, some of these rating agencies have had a very poor record in the past. They have been criticized severely, and many of them have admitted to their errors. I don't think we should take a rating agency's assessment as a final word. The final word is how the economy performs," said Chidambaram.

"The challenge that we face today is nowhere near the challenge that we faced in 1991. The challenge that we face today is nowhere near the challenge we faced at the Asian financial crisis in 1997. We overcame those challenges, we put India on a high growth path. And we are absolutely confident that we will put India again on a high growth path beginning this year," he added.

Citing economic slowdown and political roadblocks to policy-making, rating agency S andP earlier warned that India could become the first BRIC nation to lose investment-grade rating.

ANI

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