This article was last updated on April 16, 2022
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NEW DELHI: Finance minister Pranab Mukherjee seems to be worried regarding the fallout of the US downgrade along with its effect on Indian economy. The minister has said that the downgrade of sovereign ratings could have an impact on the domestic IT industry as India’s IT sector depends heavily on export to the US."I am worried but there is no need to press panic button. If required, I would like to make a statement in the current session," he added while winding up the debate on the first batch of supplementary demands for grants in the Rajya Sabha.
With the downgrade of the US sovereign rating from AAA to AA+ by Standard and Poor’s, American and the Euro zone countries are facing global financial problems. Indian stock market too has witnessed a steep fall on last Friday evening.
Further, Mukherjee has assured that the government will take time to study full impact of the US downgrade on domestic industry. The development could also have implications for exports which has been growing at an impressive pace and recorded a growth of over 81 per cent in July.
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