CII Naoroji Godrej Centre of Manufacturing Excellence

News and Update

BRICS may set up Ratings Agency for Emerging markets in October Meet

16 May 2016

After the BRICS Bank, the five-member bloc of emerging nations is considering setting up a credit ratings firm in its efforts to challenge western hegemony in the world of finance. The credit rating agency for emerging markets, as it is tentatively called, is likely to take shape at the BRICS Summit to be hosted by India in October. The idea of a non-western ratings firm for the emerging markets has been in discussion among the leaders of the BRICS nations — Brazil, Russia, India, China and South Africa — for the past few years, said officials with knowledge of the plan.

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