The International Monetary Fund (IMF) today said it will update its growth rate forecast for India in January next year. Recently, the US-based Moody's upgraded India's sovereign rating after a gap of 13 years to Baa2, with 'stable' outlook, from Baa3 earlier, citing improved growth prospects driven by economic and institutional reforms. This was followed by S&P Global Rating, which kept India's sovereign rating unchanged at BBB- with stable outlook saying vulnerabilities stemming from low per capita income and high government debt balances strong GDP growth. "We will be updating the forecast for India, including the growth rate, and that will be coming January with the update of our World Economic Outlook," IMF spokesman Gerry Rice told reporters at a news conference held at its headquarters here. CNN reported that India's economy has bounced back from a year-long slowdown, but it was not enough to regain the global growth crown from China

Source: Economic Times December 01, 2017 01:30 UTC