India is witnessing "firming growth" even as most developed and developing economies are seeing mixed trends, according to Paris-based think tank OECD.
The Organisation for Economic Cooperation and Development (OECD) said the US economy is showing a loss of growth momentum from relatively high levels.
The conclusions are based on Composite Leading Indicators (CLIs) that are designed to anticipate turning points in economic activity relative to trend.
In October, India's CLI inched up to 100.3 from 100.1 in September.
"Amongst the major emerging economies, tentative signs of stabilisation are emerging in China as well as in Brazil, while firming growth is anticipated in India. In Russia the outlook continues to be for weak growth momentum," OECD said in a statement today.
India grew 7.4 per cent in the July-September quarter, surpassing China to become the fastest growing major economy.
The country's GDP rose 7.4 per cent, mainly on the back of pick up in manufacturing activities. During the 2014-15 period, the economy expanded 7.3 per cent.
OECD said stable growth momentum is anticipated in Canada, Japan as well as in the Euro area as a whole, including Germany and Italy.
"In France, the CLI points to firming growth, while the CLIs for the UK and the US show a loss of growth momentum, albeit from relatively high levels," it added.
According to the data, the Gross Value Added (GVA) grew at
7.1 per cent in third quarter of this fiscal compared to 6.7 per cent in the same period a year ago.
The GVA for the farm sector contracted one per cent in October-December quarter compared to decline of 2.4 per cent in the same period a year ago.
However, the GVA for manufacturing sector grew at 12.6 per cent in the third quarter as against a growth of 1.7 per cent in the same three month period a year ago.
Similarly, the GVA for mining and quarrying sector grew at 6.5 per cent in the quarter under review compared to 9.1 per cent growth in same period a year ago.
The GVA growth for electricity, gas, water supply and other utility services too slowed down to 6 per cent from 8.8 per cent in same quarter a year ago.
The GVA for construction grew at 4 per cent in the quarter compared to 4.9 per cent in same period in 2014-15.
However, the GVA for trade, hotels, transport, communication and services related to broadcasting grew at 10.1 per cent in third quarter compared to 6.2 per cent in same period a year ago.
Financial, real estate and professional services grew at 9.9 per cent in third quarter this fiscal compared to 12.1 per cent a year ago.
Public administration, defence and other services grew at 7.5 per cent in the three month period compared to 25.3 per cent a year ago.
CSO estimated that the per capita income in real terms (at 2011-12 prices) during 2015-16 is likely to attain a level of Rs 77,431 as compared to Rs 72,889 for the year 2014-15.
The growth rate in per capita income is estimated at 6.2 per cent during 2015-16 as against 5.8 per cent in the previous year.
Gross Fixed Capital Formation (GFCF), a barometer of investment, is estimated at Rs 39.82 lakh crore at current prices in 2015-16 as against Rs 38.44 lakh crore in 2014-15.
At constant (2011-12) prices, the GFCF is estimated at Rs 35.88 lakh crore in 2015-16 as against Rs 34.08 lakh crore in 2014-15.
In terms of GDP, the rates of GFCF at current and constant (2011-12) prices during 2015-16 are estimated at 29.4 per cent and 31.6 per cent, respectively, as against the corresponding rates of 30.8 per cent and 32.3 per cent, respectively in 2014-15.
The GFCF is expected to register growth rate of 3.6 per cent at current prices and 5.3 per cent at constant prices.
The rate of expenditure on valuables at current prices is same as 1.5 per cent in 2015-16 and 2014-15.
