Narendra Modi has faced opposition from within the party from the day he put his foot on the platform of national politics. The resentment against his appointment as Chairman of the 2014 General Election led to Nitish Kumar snapping 17-year-old ties with BJP. L.K. Adavni was so livid that he threatened to resign. His associates held several meetings but nothing moved RSS which was resolutely behind Modi. Advani had to back down after one or two more tantrums.
Things quietened down after he became prime minister but the moment his detractors sensed some disenchantment in the people against him, we find them surfacing with clever plans to hurt him, hit and slow down economic development, damage the high ratings about India’s economic growth, GDP et al given by foreign monetary institutions. The Moody’s warning that the charges of intolerance by the writers, film world producers and directors, scientists etc are damaging delighted his detractors.
Moody’s Analytics has stood by its report that had asked Prime Minister Narendra Modi to keep BJP members in check or risk losing global credibility and said it was part of its ‘economic outlook series’, a day after the government had berated it.
“The report was published by, and is the view of Moody’s Analytics as part of its economic outlook series,” a Moody’s Analytics spokesperson said. The report included a section observing political developments in the context of their potential economic impact, and did not advocate any political agenda or perspective,” he added.
The government had earlier issued a statement dismissing report of Moody’s Analytics saying it was the personal opinion of a junior analyst which was passed off as a commentary on India by a rating agency “by the media to buttress the narrative it wants to portray”.
The strongly worded statement by the government had further said that “it is surprising that sections of the Indian media failed to make a distinction between Moody’s Analytics which is merely a data and analytics firm and Moody’s Investor Services, which provides ratings services.”
It further said: “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.”
Moody’s Analytics said: “It provides economic research and analysis and is a separate company from Moody’s Investors Service, the ratings agency.”
The October 29 report titled ‘Dismal Scientist—India outlook: Searching for Potential’ authored by Faraz Syed, Associate Economist of Moody’s Analytics, had stated: “While Modi has largely distanced himself from the nationalist jibes, the belligerent provocation of various Indian minorities has raised ethnic tensions.
“Along with a possible increase in violence, the government will face stiffer opposition in the upper house as debate turns away from economic policy. Modi must keep his members in check or risk losing domestic and global credibility.”
While releasing the report the firm had said: “If sourcing or referencing any contents from this publication, please quote Moody’s Analytics”. Despite strong denunciation and rebuttal by the Indian Government, British Prime Minister David Cameron is slated to ask Modi when they meet during his three-day visit to Britain about Moody’s report. This has spurred the elements opposed to Modi increase their attempt to persuade more people to return their awards. Speculation is that various means for persuasion have been deployed. A few political leaders are also ‘helping’.
Luckily, others like the World Bank and the IMF have not revised their reports which have been very laudatory. But, Modi will have to deal with the returnees, who are enemies within, before it is too late. He can’t play his usual politics of ignoring the disgruntled and let them tire out. They are too clever and are being helped by very powerful and resourceful forces. If Modi chooses to let them be, his basic strategy of building the economic foundation for all plans of development will disappear before he realises.