New Delhi: India on Wednesday slammed global rating agencies particularly S&P for not upgrading India’s sovereign rating despite it taking a series of reforms, saying they need to do some “introspection” as investors globally feel the country is “under-rated”.
S&P Global Ratings said it wants to see more efforts to lower government debt to below 60 per cent of GDP and that it did not expect revenues to rise enough to meaningfully lower the deficit over the medium term.
“If the rating has not been improved, it’s a matter which doesn’t bother us so much. It’s a question which calls for an introspection among those who do the rating,” said economic affairs secretary Shaktikanta Das.
He pointed out that global investors feel India is highly “under- rated”. “There is a disconnect, therefore, between what the investors are thinking of, what they have in their mind, and (what) the rating agencies are concluding. I think somewhere there is a disconnect,” he said.
