India is pushing back against what it believes is “agenda-driven” and “neo-colonial” country rankings produced by international agencies, such as the World Bank, World Economic Forum (WEF), United Nations Development Program (UNDP), Reporters Without Borders, and the V-Dem Institute on topics such as governance and press freedom. On Friday, Sanjeev Sanyal, a member of Prime Minister Narendra Modi’s Economic Advisory Board, spoke to Reuters on the issue. India is beginning to raise the matter in international forums and is addressing it at the domestic level through the Cabinet Secretariat, which has held numerous meetings this year to establish cross-agency criteria and be involved in dialogue with the rating agencies.
Sanyal critiques how the ratings are often integrated into decisions through environmental, social, and governance (ESG) standards, besides the sovereign ratings. India worries that its developing countries are being excluded from the conversation in how these standards are defined and measured. As India takes on a leadership role in the G20, it is planning to be an advocate for other developing countries.
In the V-Dem Institute Democracy Index, which ranks 192 countries, India was below Pakistan and Bhutan. The World Press Freedom Index by Reporters Without Borders also ranked India lower than Afghanistan and Pakistan.
The World Bank, WEF, Reporters Without Borders, and V-DEM Institute did not immediately respond to requests for comment on the matter while UNDP indicated that it would be responding shortly. The Cabinet Secretariat and the Department of Finance did not immediately respond to requests for comment either.
Overall, the Modi government is seeking to challenge the status quo of international ratings agencies that it sees as unfairly negative towards developing nations. Through its work with other countries and its involvement in panels and meetings within India, it hopes to establish more democratic and equitable standards for ratings and reviews.
