NEW DELHI: In a much-needed shot in the arm, global think-tank OECD recently pitched for a rating upgrade for India and said global rating agencies had become "overtly cautious" and conservative in not revising India's rating for last 14 years.
"I believe India deserves a better rating," said Angel Gurria, Secretary General of the Organisation for Economic Cooperation and Development (OECD). He said the rating could be changed to "neutral" and then "positive".
"With the kind of reform programmes that you are putting out they can't fail to notice so this should have."
India has often criticised methodology used by rating agencies like Moody's and pushed aggressively for an upgrade. Rating agencies on the other hand cite concerns over the Country's debt levels and fragile banks in their refusal for an upgrade.
The Government feels the rating agencies have not accounted for a steady decline in the India's debt burden in recent years and have ignored its levels of development when assessing their fiscal strength.
"Chinese growth slowed down from over 10 per cent to 6.5 per cent. How did S&P react to this ominous scissor's pattern, which has been acknowledged universally as posing a serious risk to China, and indeed the world?
In December 2010, S&P raised China's rating from A+ to AA and it has never adjusted it since, even as the credit boom has unfolded and growth has experienced a secular decline," the Survey had said.