India’s economy is poised for a gradual recovery in 2013, driven by large investment projects and foreign direct investment, after slumping to its slowest pace of growth in a decade in the previous year, the Organisation for Economic Cooperation and Development (OECD) said in its economic outlook on Wednesday. This was reported by Mint.
OECD projected India’s gross domestic product (GDP), calculated at market prices, to grow at 5.7 per cent in 2013 and 6.6 per cent in 2014, from 3.7 per cent in 2012. These figures are not comparable with Indian government projections as the government measures GDP at factor cost.
The Indian government has estimated GDP growth to pick up to a pace of 6.1-6.7 per cent in the current fiscal year after slumping to 5 per cent in the year ended 31 March, the slowest in 10 years.
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