New Delhi: Indian babus tried to persuade S&P men to raise its rating , but were rudely shocked at what transpired thereafter.
Standard & Poor's (S&P) credit analyst Takahira Ogawa listened politely as Indian govt officials at the finance ministry made an hour-long pitch for a ratings upgrade, citing economic growth prospects, revenues and their efforts to contain the government's fiscal deficit.
At the meeting two weeks ago, officials argued that tax returns were rising and debt levels were on the decline compared to gross domestic product, two officials who were at the meeting revealed.
Singapore-based Ogawa gave no sign of what he was thinking - and could not immediately be reached for his version of events - but evidently he left unconvinced.
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