Prime Minister Narendra Modi has reiterated India’s call for the swift establishment of a BRICS credit rating agency to provide an alternative to the dominant Western rating institutions. Speaking at the BRICS Summit, Modi emphasized that such an agency would cater to the financial needs of sovereign and corporate entities in developing nations, offering a more balanced perspective on creditworthiness. Scroll.in+7Zee Biz+7The Financial Express+7The Hindu Business Line+5The Financial Express+5@EconomicTimes+5
India first proposed the idea of a BRICS-led credit rating agency to address perceived biases in the methodologies of existing agencies like S&P, Moody’s, and Fitch, which collectively control over 90% of the sovereign ratings market. The proposed agency aims to enhance the global financial architecture by promoting fairness and equity in credit assessments. Scroll.in+5Business Standard+5Zee Biz+5The Hindu Business Line+1The Times of India+1
While the concept has garnered support, some BRICS member countries have expressed concerns regarding the credibility and access to reliable data for the new entity. As a result, the initiative is currently under expert review to assess its viability and framework. Business Standard+3Business Standard+3India Today+3India Today
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Source (full link):
https://www.zeebiz.com/india/report-pm-for-early-setting-up-of-brics-credit-rating-agency-23357
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