Letters: Not an oracle

The rating agencies only provide one facet of the economy

With reference to “Change in mood” (November 20), that Moody’s has upgraded Indian sovereign bond rating is but a signpost which reinforces that the direction is right. The finance minister would appear prudent, post-Moody’s assessment, in sticking to the glide path on fiscal deficit, hinting at bank lending than public spend. This is too cautious in this phase of a hesitant jobless growth. The ongoing moderate inflation should keep the extra debt that the government would issue still prized and having value to then encourage accelerated spending.

Economists look not only at quantities of debt issued, but at signals from key