Union Minister for Commerce and Industry Piyush Goyal has called for the creation of a world-class Indian credit rating agency, saying India must take charge of how its economic strength is assessed on the global stage.
Speaking at a financial summit, Goyal said India needs an independent, globally recognised credit rating framework that truly reflects its economic fundamentals. He noted that foreign rating agencies such as Moody’s, S&P and Fitch often rely on models that fail to capture India’s reforms, resilience and growth trajectory.
“India deserves to be evaluated on its own merit, not through lenses that fail to see its resilience and reform trajectory,” Goyal said, urging financial institutions, regulators and market experts to collaborate on this national effort.
Governance and Economic Independence
The proposal goes beyond finance. It highlights a question of economic governance and self-reliance.
Global credit ratings influence how investors view sovereign risk, access to international capital and the cost of borrowing. For years, India has argued that global rating agencies undervalue its macroeconomic performance and overlook policy reforms that have strengthened fiscal discipline and sustained growth.
A domestic credit rating agency, benchmarked to international standards but grounded in Indian realities, could enhance transparency and investor confidence. It would also serve as a strategic governance tool that projects India’s credibility through its own institutional lens.
Challenging Global Bias
Global rating frameworks have long faced criticism for bias against emerging economies, often underestimating their structural strengths, demographic advantages and reform efforts.
For India, the challenge lies in building a credible institution that is transparent, data-driven and globally trusted. The goal is not to replace accountability but to ensure that governance standards reflect India’s progress and potential fairly.
Aligning with Atmanirbhar Bharat
The move aligns with India’s broader Atmanirbhar Bharat vision of self-reliance and leadership in the global financial ecosystem.
An Indian credit rating agency could also strengthen partnerships with other developing nations that face similar disparities in evaluation, paving the way for a fairer and more balanced global rating framework.
As India continues to position itself as a global financial hub, this step marks a deeper shift — from being evaluated by others to setting the benchmarks for global credibility.
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