Government slams media for 'distorting' Moody's report

Says it's the personal opinion of an economist of Moody's Corp's analysis and research arm

The government on Wednesday lashed out at a section of the media for "irresponsible and distorted reporting" of a Moody's Analytics report that said Prime Minister Narendra Modi should rein in Bharatiya Janata Party (BJP) members or lose credibility.

Six days after the report, the government said it was essentially the personal opinion of a junior associate economist employed with the analysis and research arm of Moody's Corporation. The government said in a statement the report did not represent the views of Moody's Analytics. "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 statement said.

The note, India Outlook Searching for Potential, was published in Dismal Scientist, a publication of Moody's Analytics. The note was authored by Faraz Syed, an associate economist with Moody's Analytics.

The statement by the information and broadcasting ministry came even as the analysis firm clearly stated in its media release, "If sourcing or referencing any contents from this publication, please quote 'Moody's Analytics'." The note had stated, "...in recent times, the government also hasn't helped itself, with controversial comments from various BJP members. While Modi has largely distanced himself from the nationalist jibes, the belligerent provocation of various Indian minorities has raised ethnic tensions."

It said along with a possible increase in violence, the government would face stiffer opposition in the Upper House as the debate turns away from economic policy. "Modi must keep his members in check or risk losing domestic and global credibility," the note cautioned.

The government also expressed dismay that a section of the media did not differentiate between Moody's Analytics and Moody's Investors Service, which is a rating agency. The note was passed off as a commentary on India by a rating agency by the media to buttress the narrative it wanted to portray, it said.

"It is also surprising that no due diligence was done and the readers were not informed about the difference between Moody's Analytics and Moody's Investor Services," it added.