The International Monetary Fund (IMF) on Thursday said it will update its growth rate forecast for India in January next year. Recently, the US-based Moody's upgraded Indias 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 Indias 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.
The IMF statement came as the latest figures revealed that India grew at 6.3 per cent in the September quarter compared to 5.7 per cent in the June quarter, reflecting an improvement in the Indian economy.
In its news dispatch from New Delhi, The wall Street Journal said India's economic expansion accelerated in the latest quarter, ending a five-quarter slowdown and sparking optimism that the negative effects of recent economic policies may now be behind Asias third-largest economy.
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.