Standard & Poor's termed India as the "bright spot" in Asia Pacific, sharply revised country's GDP forecast upwards to 7.9 per cent next fiscal and even higher at 8.2 per cent in the year after. "India should be the Asia-Pacific region's bright spot," S&P said and revised steeply upwards its growth estimates. The rating agency evaluated that the economic growth will rise to 7.9 per cent in FY 2016, up from its previous estimate of 6.2 per cent and may further go up to 8.2 per cent in FY 2017 as against 6.6 per cent estimated previously.

The agency, which rates India one among the lowest in the investment grade at BBB-, said the rising investment and low oil prices are the primary factors which are boosting the chances for the economy. It is unclear whether Standard & Poor's is re-pegging its estimates based on the revisions in GDP computation or not. The agency said growth in the Asia-Pacific region will be slightly lower, but India's "star is rising". "Weaker growth in China and Japan may be weighing on the overall sentiment, although India's star is rising," it said.

By Premji