Paris-based think tank Organization for Economic Cooperation and Development (OECD) underscored that India's economic growth continues to expand even as growth has started easing in the neighboring China. The think tank's assessment is based on its Composite Leading Indicators (CLIs) that are designed to anticipate turning points in economic activity relative to trend. Notably, the development comes a day after Moody's Investors Service, expressing optimism in the efforts of the new government and the Reserve Bank of India, raised the rating outlook of the country to "positive".
CLIs signaled that growth was easing in China and Canada, albeit from relatively high levels, while it pointed to loss in growth momentum in Brazil and Russia. However, for India the indicator pointed to firming growth. Notably, India's CLI has been on the rise since October 2014 and touched 99.5 in February this year.
On the basis of new GDP series, the Indian economy is estimated to grow at 7.4% this fiscal, which would also make India the fastest growing large economy in the world. Further, the growth is expected to accelerate as Gross Domestic Product (GDP) is pegged at 8-8.5% in 2015-16. In a sign of encouragement, the Union Budget for 2015-16, Finance Minister Arun Jaitley, in February, had said 'aiming for a double-digit rate seems feasible very soon.
via Business - Google News http://ift.tt/1CpgbYl
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