Growth looks to be easing in most of the world's major economies but firming up in India, says the Paris-based Organisation for Economic Co-operation and Development (OECD). The monthly composite leading indicators (CLI) compiled by the think tank shows India's CLI at 99.9 for August, over 1% rise from a year ago and 0.12% rise from July.
The CLI, designed to capture turning points in economic activity relative to trend, shows easing of growth in the entire OECD area.The countries showing a loss of momentum include the US, the UK and China. There is easing of growth in Japan and Canada.
The 100 reading on this index denotes long-term average. India is set to cross into above average zone. The OECD reading is consistent with recent data that shows economy may be bottoming out from April-June quarter. India's GDP growth slowed to 7% in the April-June quarter from 7.5% in the previous quarter, triggering a raft of downgrades.
The Reserve Bank of India now expects the economy to expand 7.4% in FY16, barely ahead of 7.3% last year and down from 7.6% forecast earlier.
In its assessment released earlier this week, the IMF pegged India's growth at 7.3%, same as last year.
The CLI, designed to capture turning points in economic activity relative to trend, shows easing of growth in the entire OECD area.The countries showing a loss of momentum include the US, the UK and China. There is easing of growth in Japan and Canada.
The 100 reading on this index denotes long-term average. India is set to cross into above average zone. The OECD reading is consistent with recent data that shows economy may be bottoming out from April-June quarter. India's GDP growth slowed to 7% in the April-June quarter from 7.5% in the previous quarter, triggering a raft of downgrades.
The Reserve Bank of India now expects the economy to expand 7.4% in FY16, barely ahead of 7.3% last year and down from 7.6% forecast earlier.
In its assessment released earlier this week, the IMF pegged India's growth at 7.3%, same as last year.
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