By NewsGram Staff Writer

Indian economy is expected to grow slightly higher at 7.5 per cent in 2015, according to the global rating agency Moody's.

"India's economy is on a cyclical upswing. Forward looking indicators suggest domestic demand is gathering momentum," said Faraz Syed, associate economist, Moody's Analytics.

Lower oil prices will help to increase the incomes of India, especially among the lower class people and help to drive down the hike of prices keeping it close to target in 2015, said the world economy's health report releasedon Tuesday.

"Lower rates as well as the government's infrastructure and disinvestment programs should provide a boost to domestic-oriented industries," said Syed.

While India's economy is on an upwing, China's growth story is showing a downfall.

According to the International Monetary Fund's latest World Economic Outlook (WEO), "While India's development is expected to stay steady at 7.5% in 2016 too, China's growth is expected to fall from 7.4% in 2014 to 6.8% in 2015 and 6.3% in 2016."