Rating agency Moody’s in its latest Global Macro Outlook has said that rising consumption in India will drive economic growth this year and the next, as the country has benefited from falling prices of global commodities.

Overall economic growth is supported by robust consumer spending, which makes up 55% of aggregate demand in the economy. The rating agency said that the growth will pick up slightly to 7.5% in 2016 and 2017, up from 7.3% in 2015.

“India, as a net importer of commodities, has benefited from falling prices and growth will be driven by rising consumption. However, a sustained improvement in domestic private investment would be required for the growth momentum to be sustained,” Moody’s said in its Global Macro Outlook 2016-17.

It, however, flagged concerns on the current rate of private investment in the country and said a sustained improvement in that was required to have a sustained level of economic growth.

On India’s exports scenario, the agency said that it has been impacted by weak global growth but at the same time modest exposure has helped India shield its economy from external headwinds.

“Weak global growth has meant a 9% year-over-year decline in total exports in real terms in Q42015, after declining by an average annual rate of 5.6% in the first 3 quarters of 2015,” Moody’s said.