Indian Economy Sees Firming Growth Trends: OECD

London: India's economic growth is firming up and prospects are also looking better in most of the other major economies, says Paris-based think tank OECD.

The Organisation for Economic Cooperation and Development (OECD), which is also a grouping of about 34 countries, on Monday projected stable growth momentum for most major economies.

The readings are based on its Composite Leading Indicators (CLIs), which are designed to anticipate turning points in economic activity relative to trend.

"In India, the CLI continues to indicate firming growth, while in Russia the CLI still points to a loss in growth momentum," the grouping said in a statement.

Reflecting positive sentiment, India's CLI rose to 99.5 in January from 99.3 registered in December. The indicator has been inching up since September last when it stood at 99.

Based on new series of GDP, Indian economy is estimated to grow at 7.4 per cent this fiscal. This would also make India the fastest growing large economy in the world.

In 2015-16, Gross Domestic Product (GDP) growth is pegged at 8-8.5 per cent.

While presenting the Union Budget for 2015-16, Finance Minister Arun Jaitley last month said that "aiming for a double-digit rate seems feasible very soon".

According to the grouping, euro area is expected to see positive change in growth momentum.

In Germany, the CLI point towards positive change in momentum while outlook for Italy and France too has improved.

"Stable growth momentum is anticipated amongst most other major economies, including the United States, the UK, Canada, Japan, China and Brazil," it added.