2 min readNew DelhiJun 27, 2026 06:46 AM IST
Commerce and Industry Minister Piyush Goyal on Friday said that global rating agencies such as Fitch, Moody’s and Standard & Poor have been unfair to India and that Mumbai-based rating agency CareEdge has done their job extremely objectively.
“So far, we only had Fitch, Moody’s and Standard & Poor, and I can say on record that they have been unfair to India. They have not recognised the India growth story, the strong India fundamentals, and the Indian capability and future, and captured it as much as a rating agency should have done. I will not cast any motives to it, but I do express surprise.
“I think what CareEdge has done is do their job extremely objectively. They have assessed much weaker economies than India, with absolutely no future, to whom other agencies have given better ratings than India, for reasons best known to them,” said Goyal at an industry event in the UK.
Goyal launched several reports during the industry event, including ‘Indian Roots British Soil’ by the Confederation of Indian Industry (CII), a UK India Business Council (UKIBC) manual on India-UK FTA, a report by CareEdge, India’s ratings agency, and a report by FICCI on the evolution of the bilateral partnership.
Moody’s has a Baa3 rating on India — the lowest investment grade rating. In April, the rating agency had lowered India’s GDP growth forecast to 6% from 6.8% for 2026-27.
At 6%, the agency’s growth forecast is lower than the RBI projection of 6.9%.