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No reason to panic over S andP forecast: Pranab Mukherjee

New Delhi , Wed, 25 Apr 2012 ANI

New Delhi, Apr 25 (ANI): Finance Minister Pranab Mukherjee on Wednesday said there was no need to panic over rating agency Standard and Poor's downgrade of the country's economic outlook from stable to negative.

"I do not feel there is any reason to be panicky," Mukherjee told media outside Parliament.

"Though they have not downgraded the sovereign debt rating but they have expressed apprehension. On two counts they have expressed their apprehension, they do not believe that GDP growth will not be around 7 percent they have rejected at 5.3 percent. They have also not taken into account that the fiscal deficit could be brought down to 5.1 percent in 2012-13 they feel that fiscal deficit could be more. Mainly on these two accounts they have projected from stable to negative," he said.

He further said the UPA Government would pass legislation to aid the economic growth.

"There may be some delays in getting some legislations done. But I have mentioned to you earlier that we are trying to get this legislations enacted by broad consensus and I do hope that some of these legislations may be enacted during this later part of this session and surely in the Monsoon Session," he added. (ANI)

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