NEW DELHI: A “strong” slowdown in India is likely to continue, according to the Organisation for Economic Cooperation and Development (OECD).
The OECD's Composite Leading Indicator (CLI), designed to provide early signals of turning points in economic activity, for India fell by 0.8 points in February 2009 from the previous month and was 10.1 points lower than the same month last year.
It pointed to a “strong slowdown” for outlook in India, said the OECD in a release.
The OECD's indicator also pointed to a deep slowdown for all major seven economies of the world - the US, the UK, Japan, Canada, France, Germany and Italy.
If the OECD designed indicator CLI decreases and is below 100, it signals a slowdown for an economy. The CLI for India stood at 91.9 points in February against 92.7 points in January.
India is in the grip of slowdown at present, with the Prime Minister's Economic Advisory (PMEAC) panel lowering its estimates for 2008-09 to 6.5-7 per cent from the earlier projection of 7.1 per cent.
Advance estimates of the Central Statistical Organisation have pegged the growth rate to be 7.1 per cent for 2008-09. - PTI
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