The downgrading of the US's top-tier credit rating has created a grave situation, India's finance minister was quoted as saying on Saturday.

'We will have to analyse (the downgrade). It will require some time. The situation is grave and there is no gain in making off-the-cuff remarks,' Pranab Mukherjee was quoted as saying by the Press Trust of India news agency.

Meanwhile, the prime minister's chief economic adviser told Reuters on Saturday that India's economic growth will not be affected by the cut in the U.S. credit rating.

"I don't think India will be much affected (by the downgrade) beyond the temporary market jitters and we should still grow at 8.2 per cent (this fiscal year)," C.Rangarajan, chairman of the Prime Minister's Economic Advisory Council said.

"The US has to show that they have a credible plan of fiscal consolidation and clearly the recent deal is not enough."

The US lost its top-tier AAA credit rating from Standard & Poor's on Friday. – Reuters