Reuters reports that the ratings agency Standard & Poor’s raised its India GDP growth forecast to 7.9 % from 6.2 % for the year ending March 2016, citing rising investment and low oil prices. The agency also raised its growth forecast for 2016-17 to 8.2 % from 6.6 % previously. Currently S&P rates India at “BBB-” with a “stable” outlook. These revisions came after India this month changed the way it measures Asia’s third-largest economy.
“India should be the Asia-Pacific region’s bright spot,” S&P said in a statement.
Simultaneously, the ratings agency lowered growth forecasts for many Asian countries, including China and Japan.