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Saturday 4 July 2020

Congress downplays Moody’s rating upgrade, questions its credibility

Delhi: The Congress today accused the Modi government of “clutching at straws” to reclaim the lost credibility, and said it and rating agency Moody’s have failed to gauge the mood of the nation.

Congress communications in-charge Randeep Surjewala also sought to downplay Moody’s rating upgrade of India, saying the same agency had miscalculated US subprime mortgages before the economic meltdown. 

“After destroying India’s economy, the Modi government is clutching at straws to claim lost credibility,” he said on Twitter.

“Modiji and Moody’s ‘jodi’ (duo) have failed to gauge the mood of the nation,” he said, adding that hunger deaths, agri distress, job losses, lowest credit ratings, rising prices, plunging exports, flawed GST, demonetisation disaster, stagnant growth are the real indices to measure it.

Taking a dig at Finance Minister Arun Jaitley, Surjewala said, “Mr Jaitley, do remember that Moody s, S&P and other rating agencies defaulted in rating American sub-prime mortgages…before the economic meltdown.”

Moody’s Investors Service today raised India’s sovereign rating for the first time in 13 years, saying growth prospects have improved with continued progress on economic and institutional reforms.

The US-based agency changed its rating outlook to ‘stable’ from ‘positive’, saying the reforms will help stabilise rising levels of debt.

Top ministers and officials of the government hailed the rating upgrade by Moody’s as “long overdue” and hoped others such as S&P and Fitch will follow suit as it presses ahead with steps to ratchet up growth.

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