Manila, May 5(ANI): Finance Minister Pranab Mukherjee on Saturday acknowledged the downgrading of country's outlook from stable to negative by international rating agency, Standard and Poor (S and P) and blamed the concerns of the coalition politics for delay in the implementation of policy measures.
Mukherjee currently on a three-day visit to Manila and Dhaka was speaking to mediapersons here, before leaving for the Bangladesh capital.
He said that rating agencies only calculated the outlook on the current situation of the economy without taking into consideration the subsequent plans of the government to revive the economy.
"The rating agencies take into account the situation prevailing just at that point of time, the subsequent corrective measures are not possible for them to take into account," said Mukherjee.
The Finance Minister blamed the complexities of coalition politics for the delay in implementation of policies that could bail out the government from the current financial mess.
"When you run a multi-party coalition government and when the electorate gives a fractured mandate, which limits the power of the executive with the mandate when you have to carry others with you, your own views or your own ideas are not adequate unless you carry others with you, there is also a delay in process," Mukherjee added.
S and P cut India's outlook citing its large fiscal deficit that swelled to 5.9 percent of GDP in last fiscal, against the government's 4.6 percent target. By Mrityunjay Singh(ANI)
|
|
Comments:
