India’s growth is “firming up” while most of the major economies, including China and the US, are seeing stable momentum, according to Paris-based think-tank OECD. In a report released on Monday, the Organisation for Economic Cooperation and Development (OECD) also said the euro area is seeing tentative signs of positive change in growth momentum.
The analysis is based on its Composite leading Indicators (ClIs) -- designed to anticipate turning points in economic activity relative to trend -- in December 2014. In a reflection of improving growth prospects, the ClI for India inched up to 99.4 in December last compared to November 2014. “The ClI for India indicates firming growth while in Russia the ClI continues to point to a loss in growth momentum,” OECD said in a statement.
India’s ClI has been rising since August 2014 when it stood at August 98.9. In November last, the same stood at 99.3. After slowing to sub-5 per cent growth in the previous two financial years, Indian economy has started picking up. The GDP expanded by 5.7 per cent and 5.3 per cent in the first two quarters of current financial year (which ends on March 2015), respectively.