S&P raises India's GDP forecasts, says it's a bright spot in Asia

Revises forecast to 7.9% from 6.2% for the year ending March 2016

Standard & Poor's sharply raised India's growth forecasts for the next several years to reflect a recent change in how gross domestic product is calculated by the government, and said the economy should be a "bright spot" in Asia.

The ratings agency S&P raised its India GDP growth forecast to 7.9% from 6.2% for the year ending March 2016, citing as well rising investment and low oil prices.

The agency also raised its growth forecast for 2016/17 to 8.2% from 6.6% previously.

The revisions come 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.

At the same time, the ratings agency lowered growth forecasts for a slew of Asian countries, including China and Japan.

S&P currently rates India at "BBB-" with a "stable" outlook.

The agency earlier this week said India must boost growth, cut its fiscal deficit and fulfil promises of financial and fiscal reforms to justify an upgrade in a credit rating.