What Moody’s failed to notice | Business Line

What Moody’s failed to notice | Business Line


 There are much
more, and more relevant positive factors ‘Global’ Rating Agencies close their
eyes to. How Indian analysts and economists miss them or when noticed, use them
only for defending certain positions only is a matter research scholars should
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 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.
M G Warrier,


Popular posts from this blog



The King of Ragas: Sankarabharanam