Projecting a positive outlook for India’s economic growth, the Organization for Economic Co-operation and Development (OECD), in its latest report, said that India’s economic expansion continues to firm up even as growth is easing in neighboring China. The latest projection comes soon after the IMF and the Asian Development Bank estimated India’s growth rate to surpass that of China in 2016-17, and Moody’s rating agency revis Organization for Economic Co-operation ed its outlook from ‘stable’ to ‘positive’ for the Indian economy.
The assessment, based on Composite Leading Indicators (CLIs) that are designed to anticipate turning points in economic activity relative to trend, shows that growth is firming up in India.
Comparing the growth prospective of the G-20 economies, the OECD said, “CLIs signal growth easing in China and Canada, albeit from relatively high levels. In Brazil and Russia, CLIs point to a loss in growth momentum while in India, the CLI continues to indicate firming growth.” In the Euro Zone, Italy and France are witnessing signs of recovery, while the outlook for growth momentum in the US, the UK and Japan seems to be stable.
India’s CLI has been on continues rise since October 2014, touching 99.5 in February, 2015. RBI’s latest estimates project growth rate to be 7.8% for the current year, up from 7.5% last year.
There has been an upturn in economic activity since the new government has come to power last year and several schemes (such as the Make in India, Skill India and Digital India campaigns) have been launched to harness the potential of the Indian economy. Released soon after Moody’s revised the outlook for Indian economy from stable to positive, affirming the optimistic growth trends, the report shall further boost confidence of investors in the Indian economy.
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