Robust sovereign credit rating agencies need of the hour: Amitabh Kant


New Delhi, Jul 13 (IANS): As India embarks on its journey to become 'Viksit Bharat' by 2047, it's important that we have appropriate credit ratings and call out global agencies for biases and lack of transparency for not objectively assessing India’s strong economic fundamentals, G20 Sherpa and former NITI Aayog CEO, Amitabh Kant, said on Saturday.

Addressing the CareEdge Ratings ‘Conversations 2024’ conference in Pune, he said the notion that developing countries offer more risky investments is not solely based on objective financial metrics but is significantly influenced by subjective assessment.

Kant stressed the need for promoting home-grown credit ratings agencies, saying that appropriate sovereign credit ratings are actually a very critical issue that impacts not only India but also the entire emerging economies.

Hailing India’s high growth rate of around 8.2 per cent, he stressed that future growth will come from cutting-edge areas.

According to Najib Shah, Chairman, CareEdge, the world is moving away from domination by a single superpower, a single currency and moving towards a more balanced and complex system that's emerging and evolving.

“Such an environment also has implications for the financial situation. Destructive competition between the US and China has ushered in a new era of competing geopolitics and economies. The role of the credit rating agency will be important here for acting in a transparent, competitive, professional manner,” Shah told the gathering.

At the event, Gulshan Malik, Deputy Managing Director, State Bank of India (SBI) said the banking sector in India is adequately capitalised as well as ready to fund the next phase of growth which is very critical.

 

  

Top Stories


Leave a Comment

Title: Robust sovereign credit rating agencies need of the hour: Amitabh Kant



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.