India is seeing "stable growth momentum" even as economic activities are expected to slow down in China, the US and many other major economies, says Paris-based think tank OECD.
India is seeing “stable growth momentum” even as economic activities are expected to slow down in China, the US and many other major economies, says Paris-based think tank OECD.
The readings are based on Composite leading indicators (CLIs), that are designed to anticipate turning points in economic activity relative to trend.
The Organisation for Economic Cooperation and Development (OECD) today said the indicators continue to point to firming growth in the euro area, including France and Italy, and to stable growth momentum in Germany, Japan and India.
India’s CLI stood at 99.5 in May and the grouping’s latest report is based on readings for that month.
Last month, OECD — a grouping of 34 countries — had pegged India’s growth to remain “strong and stable” at 7.3 per cent in 2015 on the back of revival in investments.
India has surpassed China to become the world’s fastest growing economy by clocking 7.5 per cent growth for the three months ended March. In 2014-15, the economy had expanded 7.3 per cent.
Earlier this month, Finance Minister Arun Jaitley said the country is no longer satisfied being in the 6 to 8 per cent growth.
“It wants to transcend to another level and aim for 8 to 10 per cent growth… We wish to grow faster because we have a huge challenge of eradicating poverty ahead of us,” he had said.
Meanwhile, OECD in its statement today said that CLIs point to easing growth in the US, Canada, China as well as the UK, albeit from relatively high levels.
Going by the indicators, Russia is showing tentative signs of a positive change in growth momentum whereas in Brazil a loss in momentum is expected.