Mr. Pranab claims timely warning received from Standard & Poor?

April 25, 2012 at 8:27 PM Leave a comment

Its ridiculous that the finance minister depends on foreign based agencies called S&P to know Indian economic scenario. It’s still unclear, on what ? are the specialized agency of the Finance department are using the funds available with them for market analysis and research, if the finance minster itself has to receive “State of the Nation” from institution abroad.

While Finance Minister Pranab Mukherjee wholeheartedly welcomed the negative news from S&P, with no question asked, had the same criticism come from the opposition within the country, the minister would have totally refused it.

While the minister seems to pacify the media assuring that India need not panic, and that the government is committed to economic reforms, now with the inflationary tendency all time high, BBB rating by S&P “meaning the lowest investment grade”,  are there any takers for such argument ?

What seems to be a late realization by the Finance Minister however may have not been a shocker to a ordinary man, who though may not be an economist has been reeling under inflation for couple of years with tooth & nail.
With the faux-pox economic policy, if the Government trusts the rating by same S&P rates to an irrefutable extent, then why does it counter claims that the economic would grow by 7 % when the S&P itself has lowered the economic expectation to 5.3 % for the year 2012-2013.

Merely on the receiving the news, the Indian stock markets slipped negative almost by 200 points that means that people and instituions are withdrawing their investment, while the Nifty index came down by 60 points.

So with the investment being pulled out from the market, does the Finance minister still vouch for the fly-by-night speculation that the economic GDP would grow by 7% for the coming fiscal ?

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