Fitch ignored positive economic trends: Pranab

Also read: Kaushik Basu blames Fitch revision on 'herd mentality'

"The concerns expressed by Fitch on the economic growth potential, inflationary pressures, and weak public finances are based on earlier data. Government has already taken note of such concerns," Mukherjee said in a statement.

Earlier, Fitch Ratings cut its credit outlook for India to negative from stable, nearly two months after rival Standard & Poor's made a similar call, citing risks that India's growth outlook could deteriorate if policymaking and governance don't improve.

Also read: India's economic prospects have weakened, says Fitch Ratings