India's economy to grow at 7.4% in FY15-16, says S&P

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 on Thursday.

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 of India too has estimated Gross Domestic Product (GDP) growth in current fiscal to be 7.4%.India's economic growth will be 7.4% in fiscal year ending March 31, 2016, and will 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.