Low on street cred

Within minutes of the news breaking that the sovereign credit rating agency, Standard & Poor’s (S&P), had signalled the likelihood of a ratings downgrade, India’s Union Finance Minister Pranab Mukherjee acted with alacrity and went live on television to reassure investors and the markets that he would be able to deliver on the macroeconomic and fiscal goals he had set himself in his annual budget speech of March this year.

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