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Credit ratings map the probability of default and therefore reflect the willingness and ability of borrower to meet its obligations.
Economics Survey 2020-21 found evidence of a systemic under-assessment of India’s fundamentals as reflected in its low ratings over a period of at least two decades. India’s fiscal policy must, therefore, not remain beholden to such a noisy/biased measure of India’s fundamentals and should instead reflect Gurudev Rabindranath Thakur’s sentiment of a mind without fear.
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