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Aug 6, 2011

Pranab: India to analyze US Credit Downgrading

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The finance minister Pranab Mukherjee said that the downgrading of top-tier credit rating in US has created a grave situation, on Saturday.

Major concerns for the investors those lose their confidence in the economy after Standard & Poor downgraded US government's AAA sovereign credit rating.

There is recession like situation reported in the country causing tumbling all major stock markets across the world.

In 2008, the world witnessed the global slowdown and recession period, in which two economies - Indian and China survived the blow.

The finance ministers remarks on the subject may rattle the investors further. The market reacted heavily to the global economic turmoil, BSE Sensex shed 14-month lower level by 2.19 per cent on Friday.

The BSE Sensex lost 387.31 points while the National Stock Exchange (NSE) lost 120.55 points.


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