The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Indian Finance Minister: On downgrades, reversals and press misquotations

"I must confess to you that at times the BJP [Bharatiya Janata Party] is misunderstood, misreported and statements are quoted out of context," says India's new finance minister Yashwant Sinha.

This is Sinha's comment on BJP president Kushabhau Thakre's observation that India should leave the World Trade Organization. Sinha says it was a misquote on the part of the Indian press. "He contradicted that statement the next day."

Sinha talked to Euromoney on his and his party's 100th day of government. That's considerably longer than the BJP's last and only other period of office in 1996. That attempt by India's Hindu nationalist party to govern lasted only 16 days.

For investment bankers it may seem like a 100 days too many. During this short time, the BJP has tested nuclear devices, received US sanctions and been downgraded from investment grade to junk. "India was supposed to be a safe haven in a troubled Asia," commented one banker. "But it's blown it." Another Indian-born banker was even more pessimistic: "I worry the sanctions will set us back 10 years."

If Sinha is worried, he doesn't readily show it. He says the world will have to get used to a more assertive India, and he dismisses fears that sanctions will drag India into recession.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree