Such news developments are actually laughable.
It is one thing for “leading global rating agencies” to say India not doing enough so ratings not being revised upwards. It is completely another to see Finance Ministry officials of all people to be worried over the country ratings not being revised.
All these ratings have been thoroughly exposed in the ongoing crisis. Whatever they rated as AAA has come kaput and what they rated as BBB and lower etc is hardly as bad. So for all you know, by not revising the India ratings, the economy might be doing well.
These agencies prism of country doing well is around such narrower domains – low inflation, low fiscal/current account deficit, disinvestment, privatization etc. They can never really appreciate anything more than these 3-4 variables. And ironically, India is doing well on all these 3-4 variables!!