Union Commerce and Industry Minister Piyush Goyal, on a visit to the United Kingdom, has asserted that global rating agencies such as Fitch, Moody's, and Standard & Poor's have been unfair to India. Speaking at a Business Plenary Session attended by industry leaders and stakeholders, Goyal criticized these agencies for not adequately recognizing India's growth story, strong fundamentals, and sovereign capabilities. He called for a more objective assessment, highlighting the work of Indian rating agency CareEdge, which he said has brought objectivity to ratings.
India-UK CETA and Export Opportunities
Goyal urged industry leaders to ramp up exports to the UK, emphasizing the potential for India to capture a larger market share. He highlighted the forthcoming implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA) on July 15, which he said presents significant opportunities for collaboration, cooperation, and partnerships. The Minister stressed the need for high growth ambition, warning against complacency with moderate growth rates.
“I do believe that what we will seize now will become very valuable. Very often in our cosy comfort, we lose track, time passes by. And then we get into the typical rut of claiming success when we have 5, 7, or 10% growth. International trade normally grows at 4 to 6%, or 5%. If that is the kind of level of ambition that we will keep as a nation, it'll be completely a betrayal of the trust that the world has in us today,” Goyal said.
Criticism of Global Rating Agencies
Referring to CareEdge, Goyal stated, “So far we only had Fitch, Moody's and Standard & Poor's. And I can say it on record, they have been unfair to India. They have not recognized the India growth story, the strong India fundamentals, and the sovereign's capabilities—the Indian capability and future—and captured it as much as a rating agency should have done. I will not cast any motives to it, but I do express surprise at it.”
He further noted that CareEdge has assessed much weaker economies with no future, which other agencies have given better ratings than India for reasons best known to them. Goyal expressed pride that 22 country ratings around the world have been changed to converge with CareEdge's findings, calling for support for Indian efforts to bring objectivity to ratings.
Transformational Growth and Global Trust
Goyal emphasized that the world trusts India to deliver, and that transformational growth and entry into uncharted territory should be a prime focus. He urged the business community to seize the moment, noting that the speed of free trade agreements reflects global confidence in India. “And I'm not talking about the trust that we have in all of you. I'm not even talking about your capabilities here. I'm saying the world's trust on you—India can deliver, that India must deliver. They want to engage with all of us; otherwise, they wouldn't be doing these free trade agreements at this speed,” he added.
The Minister's remarks come as India seeks to deepen economic ties with the UK through CETA, aiming to boost bilateral trade and investment.
