An increase in diesel prices in India should avert a credit rating downgrade for the country, C. Rangarajan, chairman of the Prime Minister's Economic Advisory Council, told a private TV channel on Thursday.
India raised the price of heavily subsidised diesel on Thursday, in a politically risky move to rein in the fiscal deficit and fight the threat of being the first in the BRICS group of emerging economies to be downgraded to junk.
Copyright@Thomson Reuters 2012
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