Commerce and Industry Minister Piyush Goyal has sharply criticised major global credit rating agencies — Fitch, Moody’s and Standard & Poor’s — accusing them of consistently undervaluing India’s economic strength and long‑term potential. Speaking at a plenary session organised by the High Commission of India in London, Goyal said the agencies had “not recognised the India growth story” despite strong fundamentals and sustained reforms.
Goyal argued that India’s macroeconomic indicators, structural reforms, demographic strength and global credibility warranted far better assessments than what the big three agencies currently assign. He said their ratings did not reflect India’s resilience, expanding manufacturing base, digital transformation or its emergence as one of the world’s fastest‑growing major economies.
He added that while he would “not ascribe motives,” he remained “surprised and saddened” that weaker economies had received more favourable ratings. Goyal praised Indian rating agency CareEdge for what he described as a more objective and data‑driven evaluation of global economies, noting that its assessments placed India significantly higher than many countries that international agencies rate above India.
The minister’s remarks come at a time when India is pushing for deeper global investment partnerships and negotiating major trade agreements, including the India‑UK Free Trade Agreement. Goyal said transformational growth remained the central objective of India’s trade strategy, and global rating frameworks must evolve to reflect the realities of emerging economies.
He also highlighted that India’s economic trajectory — driven by infrastructure expansion, manufacturing incentives, digital governance and stable policymaking — had positioned the country as a reliable global growth engine. Indian‑origin investors and businesses in the UK, he said, were already experiencing the benefits of this shift.