New Delhi: India has promised to achieve better ratings before the leading rating agency Standard and Poor (S&P). The Finance Minister has presented the basic elements of Indian economy in the meeting with S&P officials. On the basis of faster economic growth rate and chances of growth in revenue collection, India has advocated better ratings. Along with this, it has been said that performance of Indian economy should be judged on global standards. 

Sources say that the roadmap to control fiscal deficit has been presented in the meeting. Finance Ministry has assured that in next 2-3 financial years it will be taken under control. S&P had shown its concerns over fiscal deficit. It had said that with slow economic developments, chances to improve the state of fiscal deficit looks remote.

Along with this, issue of increasing the economic growth rate was raised in the meeting. Indian supporters have said that with improvements in manufacturing and services sector and growth in revenue collection, GDP growth rate of 7.6 percent can be achieved. S&P officials will be meeting RBI on Wednesday. 

Apart from S&P, Moodys and few other international agencies are also doing analysis on Indian economy. These ratings are important from the perspective that foreign investors make their investment decision based on the ratings. S&P had done India rating in 2007 when India was assigned with the BBB- rating.

(JPN/Bureau)