Reflecting improved prospects, India is the only major economy seeing a ‘clear pick up in growth momentum’ while mixed trends are predicted for developed countries, according to Paris-based think tank Organisation for Economic Co-operation and Development (OECD). The OECD said growth would continue to lose momentum in Europe.
For other major economies, the outlook is for stable growth momentum.
The readings, for the month of October, are based on composite leading indicator (CLI), which is designed to anticipate turning points in economic activity relative to trend.
“India is the only major economy where the CLI points to a clear pick-up in growth momentum,” OECD said in a statement on Monday.
The country’s CLI rose to 99.6 in October from 99.4 in the previous month.
Last month, the OECD said the Indian economy was expected to see an average growth of 6.7 per cent over the 2015-19 period, while a further boost would depend on reform plans of the government.
In October, the International Monetary Fund and the World Bank projected 5.6 per cent growth rate for India this year, citing renewed confidence in the market due to a series of economic reforms pursued by the new government. India’s economic growth was below 5 per cent in the last two financial years. Recently, the Reserve Bank of India (RBI) forecast the economy to grow at 5.5 per cent in 2014-15 and at 6.3 per cent in next financial year.
