Who is speaking the Truth? PMO or Moody's - I prefer to believe Moody's

PMO dismisses report by Moody’s Analytics

Prime Minister Narendra Modi’s Office on Wednesday called the report of Moody’s Analytics — that warned that unless he reined in BJP members, India risked domestic and global credibility — “the personal opinion of a Junior Associate Economist” employed with the agency.

The PMO said: “The opinion of a Junior Associate Economist employed with Moody’s Analytics has been splashed all across implying it as the opinion of Moody’s Analytics.” Moody’s Analytics is the research and analysis wing of Moody’s Corporation. Moody’s Investors Service Inc. is a subsidiary.

In a report titled “India Outlook: Searching for Potential” last week, it expressed concern over what it called the belligerent provocation against various Indian minorities.

Moody’s Shared Services India had shared it with the media on Friday through e-mail as it does all notes from Moody’s Analytics and Moody’s Investors Service Inc. The e-mail said the publication was produced by Moody’s Analytics and “if sourcing or referencing any contents from this publication, please quote Moody’s Analytics”.

“Neither the e-mail nor the attached note said the report was based on the author’s personal views.”

When contacted by The Hindu, a spokesman at Moody’s Shared Services India said the PMO’s statement had been sent to the firm’s offices in New York and Singapore for response or further action.

He could not confirm whether the PMO had consulted Moody’s Analytics ahead of issuing the statement.

Denies PMO's comments saying the report was the personal opinion of an employee

Moody’s Analytics has denied that its report expressing concern over what it called the belligerent provocation of various Indian minorities, was the personal opinion of an analyst employed with it.

The report warning Prime Minister Narendra Modi that unless he steps in to rein in the members of the BJP, India runs the risk of losing domestic and global credibility, was dismissed by the PMO as opinion of a Junior Associate Economist employed with Moody’s Analytics.

"The report was published by and is the view of Moody’s Analytics as part of its economic outlook series. The report included a section observing political developments in the context of their potential economic impact, and did not advocate any political agenda or perspective,” a spokesperson from Moody’s Analytics said in an email response to The Hindu.

The clarification from Moody’s Analytics, which provides economic research and analysis and is a separate company from Moody’s Investors Service, the ratings agency, is in response to the Wednesday’s statement from Prime Minister Modi’s Office on Wednesday that called the Moody’s Analytics report the “personal opinion of a Junior Associate Economist” employed with it.

“Opinion of a Junior Associate Economist employed with Moody’s Analytics has been splashed all across implying it as the opinion of Moody’s Analytics,” the PMO said. The PMO’s statement also sought to blame the media for passing off as commentary on India the personal opinion of a junior analyst “to buttress the narrative it wants to portray”.

Sources confirmed that the PMO issued the statement without consulting Moody’s Analytics.

Moody’s Shared Services India had shared the report titled, India Outlook: Searching for Potential, with reporters on Friday through email as it does all notes from Moody’s Analytics and Moody’s Investors Service Inc. The email stated that the publication was produced by Moody’s Analytics and “if sourcing or referencing any contents from this publication please quote Moody's Analytics.”