RATING INDICATORS


The Hindu Business Line, April 14, 2015 Letters Rating indicators* This refers to ‘What Moody’s failed to notice’ (April 14). There are more relevant positive factors ‘global’ rating agencies shut their eyes to. How Indian analysts and economists miss them or when noticed, use them only for defending certain positions, is a matter research scholars should probe. India is a victim of foreign domination even today when it comes to assessment of the country’s self-esteem. Our credit-worthiness, poverty level, comparative position in several other human development indicators and ability to protect against environmental hazards are all decided by outside agencies which have no independent means to judge us other than data fed by our own agencies within the country. It is comforting to see that a change in approach in Delhi through various initiatives, including the effort to promote slogans like ‘Make in India’, acceptance of the need for infusing professionalism in governance and better financial sector management have started yielding results. Successive RBI governors have expressed their concern about reliable current data to base their policy decisions. These are areas where perceptible improvements can be made without ‘huge’ financial investment. Now that the NITI Aayog has relatively less responsibilities, this body could be entrusted with the task of making the existing organisations responsible for compilation of statistics and rating the country in relation to other countries with reference to different parameters — factoring in purchase power parity and aggregate resources availability and institutions like banks using internationally acceptable standards. If existing organisations are irreparably incompetent, new ones should replace them fast. MG Warrier Thiruvananthapuram *Copied from online edition on April 15, 2015

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