India's sovereign ratings by global agencies utterly absurd: Sanjeev Sanyal

India should be rated at least one or two grades higher than what it is at present by global rating agencies, Sanjeev Sanyal, Member of the Economic Advisory Council to the Prime Minister, said on Monday.

Sanyal said India just about makes it past the investment grade in the ratings of the agencies, which is "utterly absurd".

"In terms of sovereign ratings, if India was fairly rated, it should be at least one, if not two grades higher. There is no reason for India to be at the bottom of the investment grade," Sanyal said.

He was speaking at the CareEdge Conversations here on the theme 'India: Reversing the Gaze'.

Sanyal said frameworks of the rating agencies should be questioned, and India should realise that those can be replaced with "ease".

"Why should we have to abide by rules and norms of the West, which we had no role in framing....just like the several indices where we feature below 100," he added.