India�s long-term growth potential is 8-9 pc: Montek

LONDON, Apr 27:Notwithstanding global credit rating agency S&P�s lowering India�s outlook to �negative�, the country remains bullish and its long-term economic growth potential is 8-9 per cent, Deputy Chairman of Planning Commission Montek Singh Ahluwalia has said.�My view of India is that it is bullish. India�s long-term growth potential is 8 to 9 per cent. In order to achieve this, we have to get our Macro-economic right,� said Ahluwalia, briefing media at the third Clean Energy Ministerial Meeting which concluded here last evening.He added, �India achieved a growth rate of 6.9 per cent last year. The question is whether India�s growth in 2012-13 will go up or not. Growth is taking place in Asia - China and India.�Standard & Poor�s on Wednesday downgraded India�s credit outlook to �negative� and warned of a downgrade if there is no improvement in the fiscal situation and political climate.Finance Minister Pranab Mukherjee termed S&P�s move as a �wake-up call� and said the government would work towards achieving higher economic growth.�The Finance Minister has already commented on the Standard and Poor�s decision to change the outlook on India from stable to negative. I have nothing to add to it,� Ahluwalia said.Yesterday, the Reserve Bank of India said the country�s financial system is strong and sometimes these ratings are discounted by markets.RBI Deputy Governor K C Chakrabarty has said, �Indian financial system is strong. That is our internal assessment. That our financial stability report always gives. Again, RBI�s financial stability report will come in June. Then you can see what the position is.� (PTI)