Moody’s India vote
Moody’s India vote
Apropos of the editorial ‘Less Moody now’ (April 10), Moody’s rating the outlook on the Indian economy as ‘positive’ is reassuring as it would spur more FIIs to pour their funds into the Indian market. However, the lacunae pointed out by both Moody’s and Fitch needs to be rectified in the right earnest for more favourable ratings for more foreign funds to make a beeline for India in the coming days. Most foreign investors rely heavily on credit ratings by reputed agencies, viz. Moody’s, S&P, Fitch. With absolute majority, record-low crude price, etc, all going in Modi’s favour, the hesitation in taking crucial policy decisions should be replaced with prompt actions. Why not opt for convening a joint sitting of the Houses of Parliament (with opposition parties playing the hurdle in Rajya Sabha) to clear important bills? To believe in the ideology of ‘slow but steady…’ will be suicidal here, since most industrialists and foreign investors will soon lose interest and look for other shores as a result of this delayed and lethargic approach to the perils of the Indian economy.
Rating the raters
This refers to the report “Moody’s upgrades India’s rating outlook to ‘positive’”(April 10). Why we should feel elated at ratings by these global agencies? Can’t we make efforts to set up our own rating agencies to evaluate economies of different nations and get reports on them published in foreign media? India is an Asian economic giant. Our exports of certain products get banned by European nations on concerns of quality. We should also have quality checks on imports. Imported food items are available in India and earlier, there were no dates of manufacturing and expiry. Now, we find these dates in some cases. We get imported fruits and farmers abroad use questionable practices like injecting fruits like apples with sugar syrup to make them taste more sweet. Stale chocolate bars are sold in India. Our airlines are degraded by aviation authorities abroad. But do we bother about airlines of other nations flying into India? We should also have such a system for safety of Indian passengers. Foreign drug authorities inspect our drug plants but a number of banned drugs abroad are sold in India. Are our lives so cheap? We should also check drug plants of foreign companies in their respective countries.
Deendayal M Lulla
The fact that Moody’s has improved its outlook of India’s economy is a sign that the policy paralysis of the UPA years is finally loosening its chokehold on the country. At the same time, things are barely moving on the ground. Is it a case of implementation paralysis now? India Inc is still recovering from its flu. It will be at leasrt a year before the Indian economy bounces back.
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