This refers to the report “India may be the first fallen BRIC angel: S&P” (June 12). There may be some substance to the warning signals contained in the rating agency’s report. But the agency has done a disservice to players in financial markets – who still factor in the views of Standard & Poor’s (S&P) in their decision-making process – by openly airing partisan political considerations of its rich masters in a report that should have been a professional assessment of financial stability aspects.
In terms of country representation or share in world GDP, Bric (Brazil, Russia, India and China) economies form a small group and India should not be too bothered about the kind of comparisons S&P has made. The rating agency could do well to infuse some standard in its assessments that should apply uniformly to similarly placed nations. It is better to compare comparables.
Finally, India should have its own rating agency of international repute. Finance ministry releases alone will not be enough to counter “judgments” like the one being passed by the extended arms of external interests.
M G Warrier Mumbai
...and dubious timing
The timing of S&P’s report makes one doubt the rating agency’s “objective”. The issues of dual power centres in the government and political roadblocks to “so-called” reforms are not new — we have been facing these for almost eight years. There is no apparent or immediate trigger for the rating agency to come out with such a report.
N Ramamurthy Chennai
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