Three global rating agencies to visit North Block

Three global rating agencies to visit North BlockRepresentatives of three global rating agencies - viz. Fitch, Standard & Poor's (S&P's) and Moody's - will visit the Finance Ministry in the coming weeks to discuss India's economic recovery.

Fitch will pay a visit to North Block that houses the Finance Ministry tomorrow, 12th of April, while S&P's and Moody's will visit on 25th of April and 7th of May, respectively.

The three rating agencies are going to visit the North Block soon after Asian Development Bank (ADB) slashed growth forecast for Indian economy for 2013-14 from 6.5 per cent to 6 per cent; however, the Finance Ministry seems to be too relaxed about that.

A senior Finance Ministry official said that the revision by ADB was in line with the Ministry's estimate at a lower side.

In the Budget, the Finance Ministry had projected economic growth rate of 6.1 per cent to 6.7 per cent.

The official claimed that the Ministry wouldn't seek a revision in ratings by the agencies. Speaking on the topic, the official said, "We will explain various aspects of India's growth story and it is up to them to consider revising the outlook."

In the upcoming meeting, the Ministry would mainly focus on four areas. The four key points will be fiscal consolidation, inflation, the current account deficit (CAD), and growth & various reform measures.