A police officer directs traffic in New Delhi. (Photographer: Anindito Mukherjee/Bloomberg)
On Feb. 11, 2019, when the Standing Committee on Finance submitted a report to Parliament titled ‘Strengthening of Credit Rating Framework in the Country’ it possibly signalled two things. First, it reinforces the critical role of well-functioning credit rating agencies to the economy. Given the recent issues around rating agencies, there remains huge scope for improvement. Second, lawmakers have had to step in with suggestions despi...