 "India to grow at 7.4% this fiscal: S&P")
S&P in its 'India Credit Spotlight' newsletter noted that significant reforms are required with Indian corporates and banks currently facing a weak operating environment.
Indian economy grew at 7.3% in last fiscal.
The Reserve Bank too has estimated GDP growth in current fiscal to be 7.4%.
India's economic growth would be 7.4% in fiscal year ending March 31, 2016 and increase to over 8% in 2016-17, it said.
"This reflects the increasing importance of the Indian economy and its role as a new growth leader in Asia-Pacific, having overtaken China," S&P said.
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