One more warning

The revision of India’s long-term rating outlook to negative from stable by Standard & Poor’s hardly shocked markets. The Sensex shrugged off the warning and lost a meagre 56 points, not because it is not worried, but more because it has already factored in the bad news. Just two years ago, in March 2010, Finance Minister Pranab Mukherjee presented a fantastic picture of the government’s finances. Thankfully, luck was on his side.

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