Aug. 14 – Rating agency, Standard & Poor’s (S&P), changed its growth forecast for India from 5.8 percent to 6.3 percent due to an increase in its manufacturing output and the government’s improved stimulus measures.
According to June’s Index of Industrial Production, there was a surprising growth of 7.8 percent compared to the previous month’s 5.4 percent that could indicated that the economy was slowly recovering.
“If yesterday’s number (industrial production figures released on Wednesday) is anything to go by, credit offtake in the coming days would be much better than we have anticipated earlier,” Subir Gokamn, chief economist at the Indian arm of S&P was quoted by Headlines India as saying.”The overall strength of the domestic market will help India maintain a respectable growth,” he added.
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