Rating the ‘raters’ - Business Line

Rating the ‘raters’ - Business Line

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  • M G WARRIER
    What we observe these days is, major credit rating agencies of the world are themselves making efforts to recapture their own credibility. This is a healthy impact of globalization. It is slowly dawning on those who were used to serve only one master, namely the United States, that there is a world outside capable of checking their homework. The outside agencies rating developing countries like India are comparing the non-comparables. India, without denying the ‘political mismanagement’ part of the story, has to be given credit for managing the affairs fairly well despite several constraints like late entry into the developing nation status, one-third geographical area of US with three times population, low literacy rate and inadequate infrastructure and resources to meet minimum/basic needs and so on. Viewed in this context, time is opportune for India to think in terms of setting up a rating agency of international standard which will understand India and advise stakeholders about the health of domestic financial institutions and the financial institutions and governments abroad with which India has dealings.
    about 5 hours ago

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