India pitches for rating upgrade by S

India pitches for rating upgrade by S

My VIEW:



 This refers to the report
“India Pitches for S&P Rating Upgrade on Strong Macro Data” (September 1).
For a country like India, it does not give much comfort, if time and again top
level politicians and bureaucrats have to beg better rating from rating
agencies which have their own constituency interests. Such a situation arises
because we have not developed in-house expertise to market the country’s
strengths and explain the context of the nation’s weaknesses. At this stage of
development, NITI Aayog should take
the responsibility of marketing ‘Brand India’ in a convincing manner.
This will need setting up
a cent per cent Indian Rating Agency which will learn, understand and speak the
language of international rating agencies. Gradually, we will understand our
own strengths and weaknesses which will increase the pace of corrective action.
The country’s domestic resources have not been mapped yet. This include surface
stock of over 20,000 tonnes of gold, minerals value of which is yet to be
assessed and even the financial resources not yet brought into mainstream
banking channels. A domestic rating agency with support from NITI Aayog will be
able to do wonders in boosting up the nation’s image.


M
G Warrier, Mumbai 

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