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Jun 18, 2012, 09.47 PM IST
The revision of India's outlook to negative from stable is an 'aggressive overreaction' and this rating cannot be the standard to assess the capacity and capability of this country, Assocham today said.
"Fitch assessment is no standard to assess the capacity and capability of this country," it added. "A growth of 6.5% still is one of the fastest in its peers and is on a consolidation mode to strengthen its finances and structural reforms," Assocham Secretary General D S Rawat. Assocham said that the country has the capacity to face these challenges and improve its finances. The economic growth of India has fell to nine-year low of 5.3% for three months ended March 2012, while the overall growth for 2011-12 stood at 6.5%.
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