Economic sovereignty

With globalisation boasting its USPs of linking nations across the globe and easing all trade restrictions, it has also many downsides

When we have interconnected economies nation states have somehow lost the ability to decide its own economic policies unilaterally.

indian government for example is reluctant to borrow more due its fear over rating agencies.They would downgrade the rating is borrowing levels might increase beyond a point.

this will lead to lower yields to increase bond yield and thus interest rates.So overall rating agencies seems to have stripped the nation state of its sovereignty over the economy.