India poised for better economic growth: OECD

The Organisation for Economic Co-operation and Development, a grouping of mostly developed nations, on Thursday said India’s economic growth continued to firm up, even as growth was easing in the neighbouring China.

The projection comes on a day when the country's credit rating outlook has been upgraded to ‘positive’ by global rating agency Moody's Investors Service.

The think tank's assessment is based on its Composite Leading Indicators that are designed to anticipate turning points in economic activity relative to trend.

"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," it said in a statement.

India's CLI has been on the rise since October 2014.

On the basis of new gross domestic product series, the Indian economy is estimated to grow by 7.4 per cent in the just-concluded financial year.

This would also make India the fastest growing large economy in the world.

The growth is officially expected to be in the range of 8.1-8.5 per cent in 2015-16.

OECD noted that growth momentum is strengthening in the euro area.

Italy and France are witnessing signs of a positive change in momentum.

"The outlook is for stable growth momentum in the OECD area as a whole as well as for the US, the UK and Japan."

Image: (Top) People look at a large screen displaying India's benchmark share index, on the facade of the Bombay Stock Exchange building in Mumbai. Photograph: Arko Datta/Reuters