Finance Minister Pranab Mukherjee today described the downgrading of the US government by credit rating agency as a "grave situation" and said it has to be analysed.
"We will have to analyse it. It will require some time. Situation is grave and there is no gain in making off-the-cuff remarks," he told reporters on the sidelines of a function here.
In an unprecedented move, Standard & Poor's downgraded the US government's 'AAA' sovereign credit rating – a development which raises concerns that investors will lose confidence in its economy.
This comes a day after a bloodbath was witnessed in the global markets including those in Asia. In India, the BSE Sensex plunged more than 700 points before recovering partially with investors selling across the board.
Seeking to allay domestic fears, Mukherjee had yesterday said that the market fall was due to external factors.
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