India to grow at 7.4% this fiscal: S&P

Says significant reforms are required with Indian corporates and banks currently facing a weak operating environment

India's economy will grow at 7.4% in the current fiscal, which will further improve to over 8% in 2016-17, Standard & Poor's Ratings Services projected today.

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.