More reforms on way; no serious threat of downgrade: FM

"I don't think there is a serious threat of downgrade", he said when asked about his reaction to the recent threat of downgrade of India's credit rating to junk grade in 24 months by global agency S&P if more reforms measures were not implemented.

Also read: Worst may be over for Indian economy: Reuters Poll

The Minister, who was addressing a press conference on the sidelines of the IMF-World Bank annual meetings, said that there would be lot of action on the reforms front in the next 24 months, the timeline provided by the S&P. The rating agency had in its report yesterday said that there was one-in-three likelihood of rating downgrade for India if "the country's economic growth prospects dim, its external position deteriorates, its potential climate worsens, or fiscal reforms slow".

The Minister said, "(we will) convince them that India does not deserve a downgrade and in terms of growth and growth potential...India is way above most countries of the world".