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New Delhi: India growth not harmed by US credit downgrade

By REUTERS

AUGUST 6, 2011 11:11

NEW DELHI - India's economic growth will not be affected by the cut in the US credit rating, the Indian prime minister's chief economic adviser told Reuters on Saturday, but said Washington's recent fiscal consolidation deal did not go far enough.

"I don't think India will be much affected (by the downgrade) beyond the temporary market jitters and we should still grow at 8.2 percent (this fiscal year)," C.Rangarajan, Chairman of the Prime Minister's Economic Advisory Council said.

"The US has to show that they have a credible plan of fiscal consolidation and clearly the recent deal is not enough."

The United States lost its top-tier AAA credit rating from Standard & Poor's on Friday.

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