Credit rating agency Standard & Poor's said India
has emerged as the brightest spot in the Asia Pacific region as reform has
picked up pace in the country in recent months.
S&P said "India has been the
region's brightest spot since our last report. After a modest beginning, Prime
Minister Modi's government has picked up the pace of reform, eliminating the
diesel subsidy in early November, liberalizing foreign investment into the
insurance sector, and curbing discretionary government spending for the second
half of the current fiscal year,".
Confidence has improved and growth momentum is now
at around 7%, S&P said in its latest quarterly updates on credit conditions
in North America, the Asia-Pacific region, Latin America and Europe.
In the Asia Pacific region, Australia's GDP growth
continues to trend at around three per cent, buoyed by reasonably solid
consumption and still-strong real exports, despite falling iron ore prices, it
said.
Banks and bond investors appear incrementally
cautious and selective with their investments throughout the region.
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