Organisation for Economic Cooperation and Development OECD has said that India is projected to grow at a slightly lower pace than expected earlier at 7.2 per cent this fiscal. Releasing its interim economic outlook report today, OECD, however said the country is expected to be the fastest-growing major economy over the coming two years. It also said the global growth prospects have weakened slightly and become less clear in recent months.
The latest figures are slightly lower than the projection of 7.3 per cent 2015-16 and 7.4 per cent growth 2016-17 made by OECD in June this year. The report also mentioned that the slowdown has been sharpest in countries heavily dependent on commodities or with close trade links to China, notably in East and South-East Asia. It also noted that the main exception to the worsening picture is India, where growth is supported by strong consumer spending and public investment in infrastructure.