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Commerce and Industry Minister Piyush Goyal on Friday accused major global rating agencies of being “unfair to India”, saying they had failed to adequately recognise the country’s economic strength, growth story and future potential.
He also challenged their assessments while praising Indian ratings agency CareEdge for what he described as a more objective evaluation of economies.
I can put this on record. Global ratings agencies like Fitch and Moody’s have been unfair to India. They have not understood the India growth story, says Commerce Minister Piyush Goyal pic.twitter.com/qtH3Vv3AUl
— Shashank Mattoo (@MattooShashank) June 26, 2026
Goyal said agencies such as Fitch, Moody’s and Standard & Poor’s had not fully reflected India’s economic fundamentals in their ratings.
“So far, we only had Fitch, Moody’s and Standard & Poor, and I can say on record that they have been unfair to India. They have not recognised the India growth story, the strong India fundamentals, and the Indian capability and future, and captured it as much as a rating agency should have done. I will not cast any motives to it, but I do express surprise,” Goyal said.
“I think what CareEdge has done is do their job extremely objectively. They have assessed much weaker economies than India, with absolutely no future, to whom other agencies have given better ratings than India, for reasons best known to them,” he added.
The minister made the remarks during a plenary session organised by the High Commission of India in London, where he also stressed that transformational growth should be the central objective of the India-UK Free Trade Agreement (FTA), formally known as the Comprehensive Economic and Trade Agreement (CETA).
Goyal is on a three-day visit to the UK to review preparations for the implementation of the agreement, which is set to come into force on July 15.
Addressing a Federation of Indian Chambers of Commerce and Industry (FICCI)-led business delegation, he urged companies from both countries to pursue partnerships and collaborations to take advantage of opportunities created by the trade pact.
“Collaborations, cooperations, partnerships will be, in my humble opinion, the right way to come in quickly for both British businesses and Indian businesses,” he said.
Emphasising the need for ambitious targets, Goyal said India must aim beyond traditional trade growth rates.
“International trade normally grows at 4 to 6 or 5 per cent. If that is the level of ambition that we will keep as a nation, it will be completely a betrayal of the trust that the world has on us today… the world’s trust that India can deliver, that India must deliver,” he said.
The minister also highlighted the benefits of the Double Contribution Convention (DCC), which will take effect alongside the trade agreement. Under the arrangement, Indian and British workers on temporary assignments of up to five years will be exempt from making social security contributions in both countries.
“Indians who come to work here on temporary work permits up to five years can save 25 per cent straight into their savings,” Goyal said, explaining that the money could instead be deposited into provident fund accounts in India.
Describing the trade deal as more than a tariff-reduction agreement, Goyal said it offers a broader platform to deepen economic cooperation between the two countries, whose bilateral trade is estimated at around £48 billion annually.
“Transformational growth and entry into hitherto uncharted territory should also be a prime focus,” he said.
During the event, Goyal also called for greater efforts to boost tourism to India and suggested public-private partnerships supported by government funding to attract more international visitors and business events.
“We really need to work on boosting numbers. And, on how we can attract high-value tourism… getting board meetings (of global companies) to see the evolution of India. Seeing is believing,” he said.
The minister also encouraged small and medium enterprises to participate in international trade delegations, noting that around 500 such initiatives are planned for Indian businesses globally.
Earlier in the day, Goyal said he had held “meaningful discussions” with UK Business and Trade Secretary Peter Kyle on expanding bilateral economic cooperation.
“The conversation reflected the warmth, trust and forward-looking vision that continue to define our bilateral partnership… we remain committed to fostering an ecosystem that promotes innovation, investment, and holistic growth for both nations,” he said.
With inputs from agencies
