While it has built up a healthy stock of currency reserves, its huge population of 1.4 billion means it still has the lowest prosperity level of any investment grade country when measured by GDP per capita of $2,164.
However, it raised the FY23 growth projection for the country to 7.9% from 6.2% anticipated earlier. Still, over the longer term, it expected growth to hover around 6%. The agency also pegged India's real GDP contraction in FY21 at 7.2%, against 7% expected earlier.
