Department of Economic Affairs Secretary Arvind Mayaram on Wednesday shrugged off global rating agency Standard & Poor's (S&P) warning on a possible downgrade of India's credit rating, saying there was no case for a further downgrade.

Mr. Mayaram said that there was no case for a downgrade because the government would be able to arrest both fiscal deficit and current account deficit (CAD) for FY2013-14.

Speaking on the topic, he said, "The finance minister has committed to containing the fiscal deficit at 4.8% of GDP and the current account deficit at 3.7% of GDP and this will be met."

India's CAD jumped to its record high of 4.8 per cent of the country's gross domestic product (GDP) in the last financial year, while economic growth slipped to its lowest in a decade to 5 per cent.

He added that the government might even give a surprise by bringing CAD down to less than 3.7 per cent during the current financial year. He was speaking to media persons on the eve of the G20 summit which is taking place in Russia's St. Petersburg.

At present, S&P has a BBB- rating for India's sovereign credit and any downgrade would drag the country's rating down to junk status.