Indian Economy sees positive momentum: OECD
Organization for Economic Cooperation and Development (OECD) said that the Indian economy is witnessing positive momentum while it’s neighboring country China’s growth is losing steam. The latest reading from the OECD highlights concerns about India’s growth prospects on account of the falling rupee and all the sluggish investments.OECD is a group of mostly developed nations, said that economic growth is firming up in many developed nations including the USA, Japan, and the UK.
This data is based on Composite Leading Indicators (CLIs) that are designed to predict turning points in the economic activities of various developing countries. India’s CLI inched up to 97.9 in June, from 97.7 recorded in May. These indicators had been increasing since March when it stood at 97.5.
“The CLI for India continues to show signs of a positive change in economic growth. While the CLIs for Brazil and Russia continue to slow down.Whereas in the case of China, the CLI slipped to 99.4 in June from 99.6 seen in May. Indian economy is expected to see a growth of less than 6 percent in the current financial year, in near march 2014 according to estimates.
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