Finance Minister Pranab Mukherjee today described the downgrading of the US sovereign rating as a grave situation and said it needs to be analysed. Talking to reporters in New Delhi, he said there is no gain in making off-the-cuff remarks as the analysis of current developments in the US will take some time. In an unprecedented move, credit rating agency, Standard and Poor's has cut the US rating from the top triple A to AA+, saying its politicians were becoming less able to get to grips with the country's huge fiscal deficit and debt load. Meanwhile, Chief Economic Advisor Kaushik Basu said that the downgrading of US rating is a wake-up call for the American economy, but India should keep up with its excellent economic growth performance. India's economy grew 8.5 per cent in fiscal 2010-11 despite slow growth in major western and European economies. According to RBI and governmet projections, it is also expeceted to grow above 8 per cent in the current fiscal year.