India’s economic growth prospects are brightening and the euro zone is increasingly aiding a recovery in global growth, the Organisation for Economic Co-operation and Development (OECD) said on Monday.
The OECD, a grouping of close to three dozen countries, said its composite leading indicators (CLIs), designed to guage changes in economic prospects, revealed “positive change in growth momentum in the euro area and stable growth momentum in most other major economies and the OECD area as a whole.”
India’s CLI inched up for the sixth straight month to 99.5 in January, compared with 99.3 in the previous month. “In India, the CLI continues to indicate firming growth, while in Russia the CLI still points to a loss in growth momentum,” the grouping said in a statement.
The indicator rose to 100.7 for the euro zone as a whole from 100.6 in December, and also rose for the OECD group to 100.4 in January from 100.3 in the previous month.
The reading for the US was stable at 100.2 and for Japan it stayed at 99.8. In large non-OECD economies, the index rose to 99.1 in January in China from 99.0 a month before.
According to the new series for computing national income, the Indian economy is projected to grow at 7.4% this fiscal, making it the fastest growing large economy in the world. The latest economic survey has pegged the growth rate for the next fiscal at 8-8.5% and forecast double-digit expansion later.