Key Points
Questioning the methodology of global rating agencies, India's CEA V Anantha Nageswaran pressed for the dismantling Moodys, Standard & Poor, and Fitch's "oligopoly"...
Indias economy, despite rising to the worlds fifth-largest from the 12th over 15 years, remains in the lowest investment grade assigned by the agencies..
This has dismayed Nageswaran, who attributes the low rating to the over-reliance of rating agencies on qualitative parameters...
The rating agencies rely on World Banks World Governance Index for inputs, which he called as extremely problematic because the details are not provided by the countries assessed but by think-tanks or research bodies sitting in some European countries...
India has often criticised the over-reliance on non-transparent qualitative factors in sovereign rating, including perceptions, value judgements, views of a limited number of experts, and surveys with loose methodologies, which they believe result in unacceptable outcomes globally...
