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Macroeconomic indicators - Indian economy slowing down - OECD
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Sunday, 17 Mar 2013

Paris based think tank OECD said that that Indian economy is slowing down while most of the developed world led by the US and Japan are seeing better growth prospects.

The latest assessment for India comes at a time when the economy is grappling with high inflation and fiscal deficit. The projections are based on OECD's Composite Leading Indicators that are designed to indicate turning points in an economy.

In January, India's CLI stood at 97.2 marginally lower than 97.3 recorded in December last year. The country's CLI has been on the decline since September 2012 when it touched 98.

OECD said in a statement that "In China, India and to a lesser degree in Brazil the CLIs point to growth below trend. In Russia however the CLI points to growth picking up." Indian economic growth slipped to 4.5% in the 3 months ended December 2012 the lowest for any quarter in a decade.

The GDP had grown by 6% in the October to December period of last fiscal. The economic growth in the 9 months ended December 2012 stood at 5.1%, lower than 6.6% seen in the year ago period.

Fiscal deficit for the current financial year 2012 to 13 is projected to be 5.2% of GDP. However, OECD's readings for developed nations such as the US and Japan are positive.

Source – Economic Times


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