The government has rejected the Fitch downgrade of India's credit outlook to negative saying the rating agency's action was based on older data as it had ignored the recent positive trends in the indian economy. In a statement yesterday, Finance Minister Pranab Mukherjee said that the markets had already anticipated that Fitch would revise the outlook and there is no surprise in the announcement. Mr. Mukherjee said that Fitch has not taken note of many of the government's recent initiatives including fertiliser subsidy reform, capping subsidies as a fraction of GDP and the new manufacturing telecom policies.Meanwhile, talking to reporters in New Delhi yesterday, Chief Economic Advisor Kaushik Basu said that Fitch downgrading India's credit rating outlook to negative was herd mentality. He noted that the revision was on expected lines.