In search of an S&P upgrade, India got a shock

Misplaced optimism before the cut suggest the finance ministry may be out of touch with opinion among private economists, investors and even the central bank about the faltering economy

S&P credit analyst Takahira Ogawa listened politely as officials at India's 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 told Reuters. 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 ...