Standard & Poor's Ratings Services, the international rating agency, has said that India is the second-fastest growing economy in the world with an average growth rate of more than 8 per cent over the past three years.

The S&P report said that the Indian economy will remain buoyant in the current fiscal despite oil prices concerns. Indian economic growth will moderate a bit, but will remain strong at 7.3 per cent for the financial year 2007, the report said.

The report added that the threat from the high oil prices has so far failed to weaken the growth momentum in India.

"This sustained growth performance is driven by a combination of domestic consumption and investment, supplemented by gains from the rapid integration with global economy through exports and capital inflows," Subir Gokran, contributing author of the S&P report, said.