Growth prospects for leading emerging economies, including India, remain strong, notwithstanding the recent correction in markets, a Standard & Poor’s report said. “Economic growth prospects for the leading emerging markets are robust, notably for the large economies of China, India, Brazil, and Russia,’’ it said.

Global financial markets were volatile in the past few weeks amid concerns of a US sub-prime lending crisis. Deepening worries about the sub-prime mortgage and leveraged loan markets triggered a reversal in the US market sentiment and quickly spread to Europe and parts of Asia.