Do not believe rating agencies' report: Subramanian Swamy

The reports of rating agencies are unreliable, BJP leader Subramanian Swamy said on Saturday. Recently Moody's had upgraded India's rating, while another agency Fitch had lowered the projections of India's economic growth.

Addressing a gathering of Chartered Accountants in Ahmedabad at a function organised by the Institute of Chartered Accountants of India (ICAI), he said that "you can pay them and get the report published."

At a time when there was widespread sentiment of economic slowdown, Moody's had upgraded India's sovereign rating after a gap of about 13 years. This had brought cheers to the central government in Delhi. Swamy, however, said that India's growth story has improved under the BJP-led NDA government, but it is slower than what it should have been. "Our growth should not be less than 10 per cent," he said.

He also advised getting the quarterly data published by the government agencies with a pinch of salt. Organisations like the Central Statistical Organisation (CSO) were also under pressure to bring out a report saying that demonetisation did not have any impact. "I am feeling nervous because I know there is an impact," he said arguing that the printed report was available on February 1, indicating that it was published about three weeks earlier. "So in January, you calculate the GDP to indicate that there is no impact. How can one calculate it?" he said.

Swamy suggested that the CSO has a history of collecting statistical data and one can rely on them, but it should not be forced to do something it cannot do.