❝6.4% IS A DECENT GROWTH RATE"

Ajay Seth, Secretary, Economic Affairs, and M. Nagaraju, Secretary, DFS, on the global background of the Budget and implications for the financial sector

- SIDDHARTH ZARABI

AJAY SETH, Secretary of the Department of Economic Affairs, and M. Nagaraju, Secretary of the Department of Financial Services, on global headwinds and the financial sector. Edited excerpts:

There has been no rating upgrade again despite the fiscal consolidation road map. Are rating agencies and other global analysts failing to read the intent and the actual fine print of the Budget?

Ajay Seth: Rating agencies do what they are supposed to do, and it is our effort to show performance and our commitment for consolidation as well as meeting our development needs and trying to convince them. Over the past 18 months, several of them have upgraded their outlook to positive. And I am sure that at some point they will be ready for an upgrade as well.

What are the likely growth numbers?