LONDON: India is the only major economy that is projected to see a pick-up in its growth momentum, the Organisation for Economic Cooperation and Development (OECD).
The Paris-based think tank whose members are mostly developed countries and some emerging countries like Mexico, Chile and Turkey, said most major economies, including the U.S., Brazil, China and Russia, are expected to experience stable growth momentum.
The OECD readings for the month of September are based on Composite Leading Indicators (CLI) that are designed to anticipate turning points in economic activity.
"India is the only major economy where the CLI points to a pick-up in growth momentum," OECD said in a statement.
The September CLI for India touched 99.1, the highest since May when it stood at 98.6.
The OECD, however, said the CLI indicators point towards a weak growth momentum in Europe.
"Within the Euro area, the CLI continues to point to a loss of growth momentum, with stronger signals of a slowdown in the case of Germany and Italy. In France, however, the outlook continues to suggest stable growth momentum," it said.
While India has recorded economic growth of below 5 percent in the last two financial years, the Reserve Bank of India has forecast the economy to grow at 5.5 percent in 2014-15 and at 6.3 percent during 2015-16.
In a development that should bring comfort to India's central bank to ease interest rates, data showed Wednesday the country's factory output grew at 2.5 percent in September even as retail inflation to a record low of 5.52 percent during October.
Commenting on the data on industrial production, the Federation of Indian Chambers of Commerce and Industry (FICCI) said in a statement here: "It is heartening to see the positive growth of manufacturing in September which seems to be broad based too."
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