Government Dismisses Moody's Report That Warned Modi, Calls it Opinion of Junior Analyst

04/11/2015 8:34 PM IST | Updated 15/07/2016 8:25 AM IST
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Indian Prime Minister Narendra Modi pays tributes at the memorial of Mahatma Gandhi on the occasion of his birth anniversary, in New Delhi, India, Friday, Oct. 2, 2015.(AP Photo/Manish Swarup)

NEW DELHI-- Government today dismissed a recent report quoted to Moody's Analytics, saying it was the personal opinion of a junior analyst which was passed off as a commentary on India by a rating agency "by the media to buttress the narrative it wants to portray".

"It is with regret the Government of India notes the irresponsible and distorted reporting by certain sections of the Indian media on what was the personal opinion of a Junior Associate Economist employed with Moody s Analytics," an official release said.

The report had on Friday said that Prime Minister Narendra Modi must keep BJP members in check or risk "losing domestic and global credibility".

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The release said, "It is surprising that sections of the Indian media failed to make a distinction between Moody's Analytics which is merely a data and analytics firm and Moody's Investor Services, which provides ratings services.

"It is also surprising that no due diligence was done and the readers were not informed about the difference between Moody's Analytics and Moody's Investor Services.

"Opinion of a Junior Associate Economist employed with Moody's Analytics has been splashed all across implying it as the opinion of Moody's Analytics."

The report titled 'Dismal Scientist - India outlook: Searching for Potential' by its analyst Faraz Syed came on Friday in the name of Moody's Analytics.

The release said, "Government notes with distress that the personal opinion of a junior analyst was passed off as a commentary on India by a rating agency by the media to buttress the narrative it wants to portray."

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