India expected to have stable growth: OECD

The OECD, the Paris-based think tank of developed economies, on Monday said it expected India's growth to be stable, even as it forecast a slowing of the Chinese economy.

"Stable growth momentum is expected in Germany, Japan and India. The CLI (composite leading indicators) for Russia also points to stable growth momentum albeit below long term trend," the Organisation for Economic Cooperation and Development (OECD) said in a statement.

"In Brazil and China, CLIs point more strongly than last month to a loss in growth moment," it said.

The latest prediction by OECD comes against the backdrop of a host of institutions, notably the World Bank and the IMF foreseeing India to overtake China in growth this fiscal.

The Indian economy grew at 7.3 percent in 2014-15, making it the fastest growing large economy in the world.

At its monetary policy review last week, the Reserve Bank of India retained the country's growth forecast at 7.6 percent for the current fiscal.

In June, the OECD had pegged India's growth at 7.3 percent for this year on the back of a revival in investments.

In April when India's credit rating outlook was upgraded to "positive" by Moody's, the OECD had said the Indian economic expansion continued to firm up even as growth eased in China.

"CLIs signal growth easing in China and Canada, albeit from relatively high levels. In Brazil and Russia, CLIs point to a loss in growth momentum while in India, the CLI continues to indicate firming growth," the think tank said.

CLIs are designed to anticipate turning points in economic activity relative to trends.

India's CLI has been on the rise since October 2014 and touched 99.5 in February this year.