India's growth to be highest among G20 countries: Moody's

Ratings agency, Moody's on Tuesday said that at 7.5 percent, India's growth rate during 2015-16 will be the highest among the global 20 major economies (G20).

It said the growth has been predicted on the basis of various reforms initiated by the government in face of lower oil prices.

A report from the global credit rating firm said: "We forecast strong growth in India... At 7.5 percent in 2015-16, the highest among the G20 economies. Lower oil prices will reinforce gradual growth-enhancing reforms to support robust economic activity over the forecast period."

The report said since India is a major crude importer, softer oil prices will benefit the economy.

The G20 group comprises of the top 20 economies which accounts for 85 percent of global economic output.

"We expect a broadly balanced current account, for the first time in 10 years, thanks to lower energy import bill and restrictions in gold imports," added Moody's.

The report highlighted the Make in India campaign as a major booster to the projected growth.

"If implemented as intended, these reforms and the wide support for business-friendly policies will help achieve higher investment growth than in 2013-14," Moody's said.