India's chief economic advisor Arvind Subramanian today slammed global rating agencies for not upgrading India "despite clear improvements in economic fundamentals", reported PTI.


He also expressed annoyance at what he said is differing treatment meted out to India as compared with China. "Rating agencies are inconsistent in their treatment of China and India," Subramanian added to PTI.


The government's 'Economic Survey 2017' too slammed the agencies for following "inconsistent" standards while rating India vis-a-vis China.


It said these agencies didn't take into account reforms measures like the Goods and Services Taxes (GST) Bill. The Survey said it was a "poor" reflection of rating agencies' credibility. Subramanian today didn't name names, but earlier this month, US-based agency Fitch kept India's sovereign rating at 'BBB-' - it's a rating India was assigned more than a decade ago, PTI reported earlier this month. 'BBB-' is the lowest 'investment grade with stable outlook'.


Fitch had last upgraded India's sovereign rating from BB+ to BBB- with stable outlook on August 1, 2006. Later, it changed the outlook to negative in 2012 and then again to stable in the following year, though it kept the rating unchanged at the lowest investment grade.