Rating agency Moody's Investors Service decreased India's growth forecast to 7 per cent for 2015, from 7.5 per cent forecasted earlier, citing monsoon concerns. Moody's Investors Service said in its "Global Macro Outlook for 2015-16" that it have revised the GDP growth forecast to about 7 per cent, in view of a drier than average monsoon. Moody's has retained growth forecast for 2016 at 7.5 per cent. Moody's said economic activity will continue to strengthen as a result of a gradual implementation of reforms that encourage domestic and foreign investment.