Finance Secretary R. S. Gujral on Monday said the government is taking a lot of steps to ensure that the current account deficit and the fiscal deficit are under control.

The Finance Secretary was responding to the warning by rating agency, Standard & Poor's regarding a possible lowering of India's investment-grade rating. The report said that setbacks or reversals in India's path toward a more liberal economy could hurt its long-term growth prospects and, therefore, its credit quality.