Rating agencies deserve a low rating

Rating agencies deserve a low rating: Their failure to predict 2008 was a huge lapse. There can be no good reason to place India alongside Portugal, Spain and Italy...

Online comments:
"Economists and the columnists do less harm as compared to the so called international rating agencies who work for their masters with a given agenda. Unfortunately they have, as mentioned in the article, power without responsibility which they use to the detriment of economic development interests of countries like India. What some of them are doing is "paid lobbying". To expose them, India need to have own rating agencies of international repute. The country should be in a position to contest their positions in their own professional language with supporting facts. Here, political rivals too sometimes compromise national interest for political mileage."
M G Warrier

Own rating agency
Apropos “Rating agencies deserve a low rating”(Business Line, March 10), the suggestion to have a reputed rating agency of ‘Indian origin’ has come at the right time. Though BRICS will be going ahead with a regional rating agency for certain specific purposes under its aegis, we need to set up within India a rating agency capable of talking the language of S&P and Moody’s, to protect India’s interests in business and finance. Such an agency will besides catering to the rating needs within the country, will, like ISRO, offer professional service at a cost to other countries, making it possible to remain financially independent from GOI in the long term.
The agency should draw best available professionals from the market and make itself available for services like conduct of research and studies to understand domestic economy and institutions and play an advisory role for all stakeholders about the fiscal health of GOI and state governments, domestic financial institutions, assess quality and
strength of investment instruments introduced in the market. It should also develop expertise to advise financial institutions and governments abroad which have dealings with India when such advice is sought for.
M G Warrier, Mumbai








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