INDIA PITCHES FOR BRICS CREDIT RATING AGENCY

WASHINGTON/NEW DELHI:

India has pressed the BRICS nations to set up an independent rating agency of the five-member group. The first meeting of the BRICS finance ministers and central bank governors was held on the sidelines of the IMF/World Bank Spring Meetings on Thursday. Representing India in the meeting of the 5 nation bloc, economic affairs secretary Subhash Chandra Garg sought the support of the presidency in building consensus amongst the BRICS membership on the BRICS Rating Agency proposal. “He requested the presidency to receive and take forward the report to be submitted by expert group set up under the aegis of BRICS Business Council to study the feasibility of the BRICS Rating Agency,” the finance ministry said in statement.