OECD pessimistic about India’s economic growth prospects

There is little hope of a quick revival of the Indian economy despite an upward trend in developed economies, according to an assessment by the Organisation for Economic Co-operation and Development (OECD).

The projections are based on OECD's composite leading indicators (CLIs), designed to indicate turning points in an economy.

In a statement on Monday, the Paris-based think tank said, "In China, India and to a lesser degree in Brazil, the CLIs point to growth below trend."

India's CLI has been on the decline since September 2012, when it reached 98.

Compared to the long-term trend of economic activity, which is put at 100, the Indian economy had a score of 97.2, the lowest level seen in the last five months. Compared to January 2012, the decline is 2.25 per cent.

This is the second worst among a group of 11 economies, including the BRICS group of developing nations (Brazil, Russia, India, China and South Africa) and the G-7 (group of seven developed economies).