Yokohama: Upset over not getting a rating upgrade, India has lashed out at global rating agencies saying they are far detached from ground realities and must introspect as the reforms initiated certainly warranted an upgrade.
Economic Affairs Secretary Shaktikanta Das said India was being denied an upgrade even as growth and fundamentals improve.
In past too, India has questioned the methodology used by global rating agencies saying the nation compares favourably with other emerging countries on metrics such as default risk.
In particular, it points to S&P Global Ratings keeping China at AA- despite rising debt and slowing growth while India has been kept at one step above junk.
Moody’s and Fitch too give similar rating citing Asia’s widest fiscal deficit as a drag on the nation’s sovereign rating.
“So far as government is concerned, it will continue to take measures which are good for the country, which are good for the economy. The government will continue to take structural reform measures, step up public investment, do what is good for the economy, for our growth, for our employment generation,” Das told Indian media here.