The government today rejected any chance of Indian economy being downgraded as warned by the rating agency Standard and poor. Speaking to media onboard Prime Minister’s aircraft to St. Petersburg, Russia, Dr Arvind Mayaram, Secretary, Department of economic Affairs said that India has taken sufficient measures to stabilize its economy and there is no chance of its being downgraded.

He said that the economic growth will start picking up in the 3rd and 4th quarter with 30 billion dollars projects approved by the cabinet committee on investment. He added that 9 billion dollars foreign investment has taken place in the first quarter as against 5 billion dollars in the same period last year.

The S&P had yesterday said that there are 33 percent chances of India’s economy being downgraded. At present the India’s rating is BBB and with further downgrading will reduce India’s status to junk.