Despite India's outlook having been lowered to 'negative' by ratings agency Standard & Poor's, Montek Singh Ahluwalia, deputy chairman, Planning Commission says the the country is bullish on its long-term growth propspects being 8-9 per cent.
Speaking to journalists at the third Clean Energy Ministerial Meeting, which concluded in London last night, he, however, aaded that to achieve a growth of 8 - 9 per cent, , "we have to get our Macro-economic right," .
Ahluwalia said that India had achieved a growth rate of 6.9 per cent last year and now the question was whether India's growth in 2012-13 would go up or not.
"Growth is taking place in Asia - China and India," he added
Standard & Poor's on Wednesday downgraded India's credit outlook to 'negative' and warned of a downgrade if there is no improvement in the fiscal situation and political climate (See: 25 April 2012 S&P downgrades India's long-term credit rating to negative).
"The Finance Minister has already commented on the Standard and Poor's decision to change the outlook on India from stable to negative. I have nothing to add to it," Ahluwalia said on finance minister Pranab Mukherjee terming S&P's move as a timely wake-up call and said the government would work towards achieving higher economic growth.
On Thursday, the Reserve Bank of India deputy governor K C Chakrabarty said, "Indian financial system is strong. That is our internal assessment. That our financial stability report always gives. Again, RBI's financial stability report will come in June. Then you can see what the position is."