The improved outlook on the Government of India announced by rating agency Moody’s last week might need to be viewed with some scepticism. There is no doubt the performance of the Indian economy has sharply improved from the deep trough it hit last year.

       But the ability of the second largest global ratings agency to assess an upside and downside before events make everyone wise about India has been dismal for a long time, as the chart shows. Last week the rating company changed the outlook on the Government of India's ratings to stable from negative and affirmed the country's ...