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OECD sees stable growth in India
OECD sees stable growth in India. 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.
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London: 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 percent 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 percent growth for the three months ended March. In 2014-15, the economy had expanded 7.3 percent.
Earlier this month, Finance Minister Arun Jaitley said the country is no longer satisfied being in the 6 to 8 percent growth. "It wants to transcend to another level and aim for 8 to 10 percent growth," he had said.
