How India lobbied Moody's for ratings upgrade, but failed....!

India criticised Moody's rating methods and pushed aggressively for an upgrade, documents reviewed by Reuters show, but the U.S based agency declined to budge citing concerns over th country's debt levels and fragile banks.

India criticised Moody's rating methods and pushed aggressively for an upgrade, documents reviwed by reviewed by reuters show, but the US based agency declined to budge citing concerns over the country's debt levels and fragile bank.

Winning a better credit rating on Idia's sovereign debt would have been a much needed endorsement of Prime Minister Narendra Modi's economic stewardship, helping to attract foreign investment and accelerate growth.    

Since storming to power in 2014, Modi has unvelied measure to boost investment, Cool inflation and narrow the fiscal and current account deficits, but his policies have not been rewarded with a ratings upgrade from any of the "big three global ratings agencies, who say more is needed.

Previously unpublished correspondence between India's finance ministry and Moody's shows New Delhi failed to assuge the ratings agency's concerns about the cost of its debt. billions in bad loans.