Sinha on Tuesday joined issue with Smadja on the latter's perception of the country's fiscal position. Speaking at the summit a day after the WEF chief's gloomy forecast of the Indian economy, Sinha said there was no reason for being unduly perturbed by the country's fiscal position. Without naming Smadja specifically, Sinha said "India is not in trouble. People should keep their counsel to themselves and not create panic".

"I would like to be judged by the results and not by any pre-conceived notions of a certain set of people", Sinha said adding that the country's economic growth rate would compare quite favourably with many of its mighty partners.

The finance minister asserted that the fiscal deficit would be maintained within "sustainable limits" through tight expenditure control. Hewas however silent on the massive shortfall in revenue collections that the government is facing. Sinha said India has proved its worth globally which is evident from the fact that the country has not defaulted on a single external commitment and has held its ground as far as external balances are concerned.