India will register 8% GDP growth in next few years, states S&P

S&P Global Ratings has projected that India will touch 8% growth over the next few years over broadening of domestic consumption base.

S&P, in its 'APAC Economic Snapshots--September 2016' report, stated India maintained a strong momentum in structural reform agenda and this should propel growth higher.

"For India, we are still forecasting GDP growth at about 8 per cent over the next few years. Moreover, this is relatively high quality, "steroid-free" growth backed by a broadening consumption base," S&P said.

"Inflation remains a risk, given the large weights on food, fuel, and other volatile items in the Reserve Bank of India's target basket," S&P said.
The latest gross domestic production (GDP) figures showed that India's growth slowed to 7.1 per cent in the April-June quarter, from 7.9 per cent in January-March period.

Reserve Bank has also said the near-term growth outlook for India seems brighter than last fiscal and the economy is likely to expand at 7.6 per cent in 2016-17.