Prime Minister Narendra Modi on Monday strongly pitched for setting up of a BRICS credit rating agency to counter western rating institutions and cater to the financial needs of sovereign and corporate entities of developing nations.
In an address at the plenary session of the BRICS Summit here, Modi said a separate rating agency would help the economies of the member countries as well as other developing nations.
"last year we discussed pooling our efforts to create a BRICS rating agency. An Expert Group has since been studying its the viability . I would urge that the roadmap for its creation should be finalised at the earliest," he said. Modi also called for stepping up cooperation among BRICS countries in the financial sector.