Can't dismantle. Advise.

"Questioning the methodology of global rating agencies, India's CEA (Chief Economic Advisor) V Anantha Nageswaran pressed for the dismantling (of) Moody's, Standard & Poor, and Fitch's oligopoly. India's economy, despite rising to the world's fifth-largest from the 12th over 15 years, remains in the lowest investment grade assigned by the agencies. This has dismayed Nageswaran, who attributes the low rating to the over-reliance of rating agencies on qualitative parameters." BT. These are all US firms so India cannot dismantle them. As the CEA, why doesn't he set up an Indian index and award the highest rating to India? Just as, "The Narendra Modi government has approached a major India think tank to develop its own democracy ratings index to help it counter recent downgrades in ratings and severe criticisms by international groups, Al Jazeera reported." International organizations have rated India as "Partly Free", "Electoral Autocracy" and "Flawed Democracy". The Observer Research Foundation (ORF) is to release the index soon. The Wire. Risky. It might provide material for jokes by comedians in Western countries. "A squeeze on free expression and opposition has been a feature of the rule of Modi's Bharatiya Janata Party (BJP), especially since its second general election victory five years ago. Harassment, often by tax or legal authorities, has become common for government critics, be they independent media, academics, think tanks or civil society groups," opined the Financial Times editorial board. HT. We agree. Totally. S&P rates India as BBB-, Moody's as Baa3 and Fitch as BBB-, all with stable outlook. TE. Foreign portfolio investors (FPI) held Rs 62 trillion worth of Indian stocks as of the end of January 2024, which is 16.3% of total market capitalization of Rs 380 trillion. Mint. That's a lot of money. It is therefore the duty of these rating agencies to guide their investors of their own nation. On the other hand, "Global funds have already added about $10 billion into Indian bonds since JP Morgan Chase & Co's September announcement of the nation's inclusion in its closely followed emerging-market debt index." HT. "Bloomberg Index Services said...it would include in its Emerging Market Local Currency Index from Jan. 31 next year 34 Indian government bonds eligible for investment via the fully accessible route (FAR)." Mint. Both these firms are also American. "The pricing power by the 'Big 5 companies' in India is possibly leading to persistent core inflation, former Reserve Bank of India deputy governor Viral Acharya said." The Big 5 are - the Reliance Group, Tata Group, Aditya Birla Group, Adani Group and Bharti Airtel. The Wire. Adani Ports and Special Economic Zone Ltd (APSEZ) operates seven ports/terminals on the west coast and eight port/terminals on the east coast. ET. Adani Enterprises "owns and operates seven airports across India, six of which it won as part of the government's privatisation drive in 2019." Reuters. The CEA is supposed to advise. He should advise an end to crony capitalism. Ratings will improve automatically. If he dares.