India has emerged as the sole ray of sunshine in an OECD global forecast clouded with gloom. It’s the only large economy that’s been upgraded by the Organization for Economic Cooperation and Development, which pared growth forecasts for all the others. It has raised India’s growth forecast for 2016 to 7.4%, cut the global growth estimate to 3% and kept China’s unchanged at 6.5%. India will continue to grow robustly, by 7.4% in 2016 and 7.3% in 2017,” OECD said in its report published on Thursday. “In emerging market economies, monetary support should be provided where possible, taking into account inflation developments and capital market responses,” it said. Headline inflation in India will depend on the weather during the planting season. Without particularly unfavourable weather conditions, it estimates inflation will rise from last year’s levels (4.9% on average) and fall back to the central bank’s target of 5% by early 2017. Another year of moderate price gains will help anchor inflation expectations and foster both consumer spending and investment, Moody’s said.