Ratings agencies tend to be harsher towards emerging market economies
Do global ratings agencies such as Standard and Poor’s or Moody’s have a bias against Asia’s third largest economy? If you ask Indian policymakers or politicians, they are likely to say yes. Weeks after the chief economic adviser to the finance ministry, Arvind Subramanian, lashed out against the low ratings assigned to India by these agencies, Prime Minister Narendra Modi along with his Russian counterpart Vladimir Putin vowed to develop a credit rating industry that is “independent from political conjecture" during Modi’s visit to Russia.
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