Global rating agency Standard and Poor's threat to downgrade India's credit rating should serve as a wake-up call to India. But the UPA government is in denial. Such an attitude won't work as international investors accord much credence to such ratings.
The Indian economy is not doing well. All macro indicators are pointing to the continuous decline. Warning signs such as inflation, price rise, and low purchasing power are pushing even the salaried class to the brink. If we do not get it right now, the future can be perilous. The government, unfortunately, is in constant denial. One hopes that the Prime Minister and the Finance Minister will show some statesmanship, and focus on setting the economy right. That would be better than refuting and ignoring the economic intelligentsia.