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PTI / The Hindu / NEW DELHI, August 6, 2011.
Dear Mr. Basu,
01) Growth that cannot control prices and make life miserable for middle class and lower classes in no growth;
02) Growth that could not create more jobs than it takes away from the Agricultural Sector is not Growth either;
03) Growth without equitable distribution of wealth to all stake-holders is a curse to the Economy!
Standard & Poor’s downgrading of U.S. sovereign rating is a wake-up call for the American economy but India should keep up its “excellent” growth record, Chief Economic Advisor Kaushik Basu said on Saturday.
“While I personally feel the U.S. economy is very strong, rating downgrade like this is a wake-up call,” Mr. Basu said.
The Standard & Poor’s downgraded the U.S. government’s ‘AAA’ sovereign credit rating, stating that predictability about American policy making and political institutions have weakened at a time of fiscal challenge.
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