Accusing Standard and Poor's of not being transparent, the Finance Ministry today said, India's economy is in a much better shape than what is being perceived by the global rating agency. Mr. R Gopalan, Secretary, Department of Economic Affairs told reporters that Standard and Poor's judgement cannot be based on a few parameters. India is in a much better condition than the rating agency thinks.

Yesterday, the rating agency had cited economic slowdown and political roadblocks to policy-making to warn that India could be the first BRIC nation to lose investment-grade rating. Mr. Gopalan said, the issue would be discussed with S&P shortly.