This like Fake degree Feku self certifying he has degree. 20 lakh suit with Electoral bonds funding black money is the most corrupt in world. Old agencies are corrupt :) :) Nobody cares a shit for Indias own rating. Ultimately when u raise money they will only look at Moodys, Fitch etc not some self certified rating.
0. Thanks to Radhika for excellent discussion on the topic. 1. So even CARE does not change grade of India's sovereign rating and leaving it under BBB category! So we need to do a lot more to improve our rating to say A or AA category. 2. But its methodology seems to be well balanced covering relevant areas and certainly much more logical. 3. This is an excellent initiative from an Indian rating company and hopefully, in next 10 years it gets well accepted all over the world. 4. In the background of De dollarization that every one talking about, a new sovereign rating agency is an interesting idea!!
Good step. I have always been baffled by the ratings given to Indian companies and especially Govt Bonds, despite the India having decent fiscal deficit figures in recent years, low debt to GDP numbers and having never defaulted on any debt. However, new Credit Agencies will take a long time to gain credibility and would not be taken seriously if their ratings for India are much higher than the three. So, definitely more of a long term project.
Decent figures is only on whatsapp by Fake degree IT cell. If you just have chamcha institutions nobody will belive any crap they say about themselves. Even this rating nobody in world is going to follow except in Fake degrees whatsapp
India does have the potential for instability because we have a 56 inch tongue in power who doesn’t think twice before dividing us on religious lines. It barks against muslims to win Lok Sabha elections and its chamchas bark against Christian Kukis in Manipur to benefit electorally there.
Thank you, Sharad and Radhika for picking and answering my question. However, I think you left out two key details. 1) The sketchy role that the Big 3 played during the GFC. 2) The rising capital base of DIIs. At some point in future regulations will ease and DIIs might start taking big positions in foreign government bonds. If SEBI or RBI mandates CARE ratings than naturally the acceptance would increase.
The problem with basing ratings on mostly publicly available data is that it removes space for value addition. As an investor, why will I go to a ratings agency if the decision can be made with publicly available data ?
Japan and China have already taken steps to challenge the Western ratings monopoly by establishing their own agencies-Japan Credit Rating Agency (JCR) and China Chengxin Credit Rating Group, respectively-to rate their sovereign debts. CARE has rated India one notch higher than Fitch. This is essentially what GoI has been saying....that India's rating should be 1-2 notches higher. The bigger picture is that BRICS has also stated its own objective of having an independent Rating Agency, distinct from the Western monopoly. Care will be a step forward in that direction.
They should include the corruption index in the qualitative data. We have seen many economies that are blessed with natural resources but one ruler takes money out of that country and then the economy struggles forever.
Well that criticism of debt affordability is kind of like a self fulfilling prophecy. It's not easy for India to borrow cheaply because of the bad (read: unfair) Rating given to us. Interest payments would've been a lot lower if we were fairly rated from the start.
Qualitative is wonderfully convenient if you want to put your finger on the scale. Can be changed based on which side of the bed the powers-that-be wake up on, unlike hard data which is stable. On the positive side, Bharat is finally being forced to react. Along this progression, we need to develop proactive ways of measuring the world from the perspective of dharmic values.
Given we have confidence in our parameters and there is a clear india growth story as well.. can't we demand loan at a lower rate of interest and there should be global players who also share the opinion and will be willing to give loans as well? Or is it like a nexus of investors which cannot be breached?
Why is China at AA+, a country with almost the same population and till a year ago the largest world population while India is at AAA ? India has deep deep structural economic issues which gives it the poor ratings. Oil shock impacts could be large, costly power, inefficient public sector, high debt to gdp, massively galloping population, poor education, large hunger in the masses(800million). India should be happy that it is atleast investment grade.
India coming up with it's own credit rating agency has to be some kind of weird joke because not even the biggest of economies ahve their own rating agencies. And credit rating is important for giving loans but who is taking loans from India? Seriously.
India has extended financial assistance and loans to various countries as part of its foreign policy, focusing on fostering regional cooperation and supporting economic development. Here are 15 countries that have received financial aid or loans from India: Sri Lanka - India provided financial assistance and loans for infrastructure projects, including energy and transportation. Nepal - India has provided financial aid for infrastructure, healthcare, and post-earthquake reconstruction. Bangladesh - India extended lines of credit for energy, infrastructure, and transport projects. Bhutan - India has been a major donor to Bhutan for hydroelectric projects and development programs. Maldives - India provided loans and aid for housing, water supply, and infrastructure development. Afghanistan - India has been involved in capacity-building projects, healthcare, education, and infrastructure development. Mauritius - India provided financial assistance for infrastructure development and helped build key government buildings. Myanmar - India extended loans for development projects and has been involved in road and port construction. Seychelles - India provided financial aid for defense and infrastructure projects, including port development. Vietnam - India extended credit for defense equipment purchases and economic projects. Mozambique - India provided financial assistance for agricultural development, infrastructure, and energy. Zimbabwe - India extended lines of credit for infrastructure and energy projects. Malawi - India offered financial aid for various infrastructure and capacity-building initiatives. Tanzania - India provided loans for water supply projects, education, and healthcare facilities. Kenya - India extended lines of credit for energy, transport, and agricultural projects.
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I have worked for big 3 rating agencies for 4 years...their methodology is standard across all countries and we do score poorly on certain key metrics which dampen's aggregate ratings. Their methodology is the best there is. launching own agency in downright lunacy and the global investor community won't recognize it as well. No point doing this exercise
Global Financial Crisis have already exposed the Big 3. The so called "best" methodology was based on who paid the best. Now, I am not saying that the CARE would do a better job or gain investor trust in a jiffy but it is sheer "lunacy" to suggest that no new player should emerge in the market. This is NOT how free markets work. Personally, I too think without RBI support CARE won't get much acceptance. However, an increased competition is always good.
@@Victor-y9g1w in terms of quantitative measures GDP per capita, fiscal deficit, debt% of government revenues, interest% of government revenues(india has the worst debt affordability among all BBB rated peers) In terms of qualitative measures:- Monetary policy effectiveness, fiscal policy effectiveness, institutional strength, policy and framework effectiveness These are the things I remember from the top of my head. Sovereign rating are a function of around 25 individual factors which drive the overall rating
