Economic Times reported that global rating agency Standard and Poor's expects India to grow by 6.5% during 2013, amidst the possibility of global economic recovery continuing during the year.

For China, S&P expects the growth rate to move back to 8% level in 2013, after it slipped to 7.4% in the Q3 of 2012.

In a report on global credit outlook for 2013, S&P said that the ball is in the policymakers' court to sustain the recovery in global economy.

Noting that there is not much room for error in the global economy in 2013, the S&P economists said that it has been through a very challenging period in the recent years.

This included the near total collapse of the financial system in 2008 and the very deep global recession that followed at the end of 2008 and the H1 of 2009.

Mr Paul Sheard, Standard & Poor's Chief Global Economist said that "The global economy started recovering in mid 2009, and that recovery at a global level has pretty much continued. We expect it to continue into 2013, but it is a fairly precarious situation. Precarious because the recovery processes the healing, deleveraging, balance sheet recovery and economic recovery is still working its way through the system."

Mr Sheard said that “S&P expects a soft landing in China, while its forecast for India is a 6.5% growth in 2013. We have one major economy continuing to recover in our base case scenario. We see China going through a so called soft landing. What it means is that China was growing at a very rapid pace sometimes too rapid after the financial crisis.”

He said that "Average YoY growth since the third quarter of 2008 has been 8.9% though it's ticked down a bit this year. Chinese policymakers needed to rein in an overheating economy."

During the process, the growth has decelerated from 12% at one point to 7.4% in the Q3 of this year, he said adding deceleration of the Chinese economy is probably bottoming out and growth will probably move back closer toward 8% entering 2013.

S&P said that it expects rating stability and even some positive trends in the emerging world, while the global growth will also be positive next year at little under 3%.

The rating agency said that many emerging Asian economies are using their growth productively to strengthen their infrastructure and thereby increase long term growth potential while still maintaining manageable debt burdens.