NEW DELHI (Reuters) - An increase in diesel prices in India should avert a credit rating downgrade for the country, C. Rangarajan, chairman of the Prime Minister's Economic Advisory Council, told ET Now television channel on Thursday.
India raised the price of heavily subsidised diesel on Thursday, in a politically risky move to rein in the fiscal deficit and fight the threat of being the first in the BRICS group of emerging economies to be downgraded to junk.
(Reporting by Anurag Kotoky; Editing by Jo Winterbottom)
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