India Economy Showing Signs Of Positive Momentum

13 March 2012 16:00 - Victoria Wedderburn

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India’s Economy Showing Signs Of Positive Momentum

The Organisation for Economic Cooperation and Development (OECD) has said that most of the developed economies are showing positive change in momentum, while momentum is stronger in India and Russia. OECD, a grouping of over 30 nations that account for more than 60% of global economic output has based its reading on Composite Lead Indicators (CLIs). In January, India’s CLI rose to 102.1 from 101.9 in December last year.

These findings for India will be welcome at a time where there are rising concerns about prolonged slowdown in the national economy which is forecasted to expand just 6.9% in the current financial year. The World Bank warned that the slowdown in gross domestic product growth that India has experienced is likely to extend into the coming year because of the weakness in investment.

In a statement OECD said, “The CLIs FOR India and Russia are also showing stronger signs of a positive change in froth momentum. However the CLIs for China and Brazil continue to point to below-trend growth.”

President Pratibha Devisingh Patil has said that he is confident that India’s economy will see a return of growth of 8-9%. Patil said, “The long-term fundamentals of the India economy remain robust.” He added, “Efforts are underway to build political consensus on the Goods and Services tax, which will give a major boost to the economy by rationalising indirect taxes and giving full input credit.”

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Related Links:
• OECD
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• The World Bank
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• Economic Calendar
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