Economy will return to growth path: Chidambaram

Ahmedabad: Government today rejected the downgrading warning by rating agency Standard & Poor`s and the comments made by industrialist Azim Premji on policy paralysis and exuded confidence that the economy would revert to high growth path after overcoming "difficulties and challenges".

Reacting to S&P`s threat of downgrading India, Home Minister P Chidambaram said "we tend to overreact to rating agency reports. Some of these rating agencies have poor record in the past. I do not think we should take the ratings seriously." Chidambaram said the economic challenges before the country today "is nowhere near to the challenge we faced in 1991 or the Asian (currency) crisis of 1997."

He said the UPA government has put India on the path of high growth. "We are absolutely confident that we will return to high growth path," the Home Minister added. On Wipro Chairman Premji`s comments on "lack" of governance, Chidambaram said those were his views and claimed the present UPA government was "strong and decisive". "Azim Premji has a view… But we have a strong government, there is a Prime Minister in-charge", he added.