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India

Will India Be The First “Fallen Angel” of the BRIC countries?

Worldcrunch

THE TIMES OF INDIA, OUTLOOK (India)

MUMBAI – Citing slowed growth and stalled reforms, Standard & Poors has warned India that it risks losing its investment-grade rating, and being downgraded to junk category, reports the Times of India.

S&P assigned much of the blame to politicians, notably Prime Minister Manmohan Singh. "It would be ironic if a government under the economist who spurred much of the liberalization of India's economy and helped unleash such gains were to preside over their potential erosion."

The recent sharp drop in India's quarterly GDP growth numbers (a nine-year low of 5.3% for the three months ending in March) and the falling value of the rupee has led S&P to wonder if India will be the "first ‘fallen angel" of the BRIC nations." BRIC refers to the emerging economies of Brazil, Russia, India and China.

India's S&P rating is presently BBB-, the lowest investment rating. The agency took aim at the divided leadership between Congress party leader Sonia Gandhi and her party ally the "unelected" Singh. S&P had upgraded India to investment grade BBB rating in January 2007, after four years of above nine per cent growth.

Outlook magazine noted that: "The report comes at a time when some commentators are wondering if the "I" in BRIC now stands for Indonesia."

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Ideas

A Writer's Advice For How To Read The Words Of Politics

Colombia's reformist president has promised to tackle endemic violence, economic exclusion, pollution and corruption in the country. So what's new with a politician's promises?

Image of Colombian President Gustavo Petro speaking during a press conference in Buenos Aires on Jan 14, 2023

Colombian President Gustavo Petro, speaks during a press conference in the Community of Latin American and Caribbean States (CELAC) Summit in Buenos Aires, Argentina, on January 24, 2023.

Manuel Cortina/ZUMA
Héctor Abad Faciolince

-Essay-

BOGOTÁ — Don't concentrate on his words, I was once advised, but look at what he's doing. I heard the words so long ago I cannot recall who said them. The point is, what's the use of a husband who vows never to beat his wife in January and leaves her with a bruised face in February?

Words are a strange thing, and in literal terms, we must distrust their meaning. As I never hit anyone, I have never declared that I wouldn't. It never occurred to me to say it. Strangely, there is more power and truth in a simple declaration like "I love her" than in the more emphatic "I love her so much." A verbal addition here just shrinks the "sense" of love.

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