Diesel price rise should help India avert credit downgrade: Rangarajan

DIESEL-PRICE-HIKE-ECONOMY-RANGARAJAN:Diesel price rise should help India avert credit downgrade: Rangarajan

September 13, 2012 / 08:42 PM IST

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)

TAGS: #Wire News
first published: Sep 13, 2012 08:42 pm

stay updated

Get Daily News on your Browser
Sections