India need not depend on others for 'ratings' - Member of EAC to Prime Minister

New Delhi: As an emerging economic power, India should create its own ‘rating’ institution and standard without depending on others for ‘rating’, advised Sanjeev Sanyal. This appeal made by Sanyal, a member of the Economic Advisory Committee to the Prime Minister, is of great importance in the present times. Because in the rating list of various sectors as per international standards, it was seen many times that backward countries were restored to a higher position than India. It was also clear that there was an intention to defame India by deliberately keeping it lagging in the ratings. The External Affairs Minister of India had also questioned the credibility of the institutions declaring ratings on this.

Moreover, India, which has maintained the tradition of democracy, is restored to the 102nd or 106th position in the rating list of democratic countries. The same has happened in India regarding the Freedom of expression and happiness index in the list of happy countries, admitted Sanjeev Sanyal. Through its actions, India’s leadership is demonstrating that this is propaganda at the international level. Nevertheless, India will have to develop its own rating mechanism in economic and other sectors. For this, India should not depend on others, said Sanyal firmly.

Moreover, the work on India’s rating agency ‘Sovereign Risk Assessment Framework’ has started, and the agency will be functional by the end of the year, informed Sanyal. Because of this, for the first time now, any Indian institution will declare the rating of the entire country. It is a significant development when it comes to India, which has become an emerging economic power at the global level. Till now, India had given other countries a free hand to deliver a jolt to its framework. But now, India will ‘rate’ the world on its terms, said Sanjeev Sanyal expressing confidence. At the same time, Mehul Pandya, Executive Director and General Manager of ‘Sovereign Risk Assessment Framework’, also underlined its importance.

Furthermore, Mehul Pandya clarified that the importance of ratings has increased after the Corona pandemic. Meanwhile, international financial institutions initially issued misleading reports about the Indian economy by attributing the activities of the Corona era. However, these financial institutions had to withdraw their estimates after some time. These institutions worldwide have started saying that India will be a progressing country with the highest growth rate. However, they had never shown such confidence in the Indian economy earlier.