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Japan-based ratings agency Rating and Investment Information (R&I) will hold consultations with senior finance ministry officials tomorrow as part of its annual exercise to review India’s sovereign credit rating.
R&I, last year, had assigned ‘BBB’ investment grade rating to India with a ‘stable’ outlook which primarily indicate that the country has sufficient creditworthiness, but need to focus on certain factors in view of changing global environment.
“The representatives of R&I are coming to India for consultations. The ministry will showcase the steps being taken to contain fiscal deficit and promoting growth on sustained basis,” a finance ministry official said.
Tokyo-headquartered R&I is one the six global rating agencies, including Standard & Poor’s, Moody’s and Fitch, which assigns sovereign rating to India after consultation with government officials. The other two agencies are Japan’s JCR and Canada’s DBRS.
Fitch and S&P have assigned their ‘BBB—’ ratings — the lowest investment grade — to India. Moody’s has assigned ‘Baa3’ rating to India.
From the Finance Ministry’s side, the official said, the meeting will be attended by Economic Affairs Secretary Shaktikanta Das and Chief Economic Advisor Arvind Subramanian.
The Ministry will also talk about declining inflation and the recent initiatives with regard to subsidies reduction programme and the commitment of the government to ensure a predictable tax regime.
It will also highlight the steps being taken to improve ease for doing business, generating jobs and self- employment opportunities through programmes like Make in India, Start up India and Stand Up India. It will also mention streamlining of the foreign direct investment regime.
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