Indian economy doing 'very well', says OECD chief Gurria | business | Hindustan Times
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Indian economy doing 'very well', says OECD chief Gurria

Stressing that global recovery is taking place, OECD secretary general Angel Gurria on Monday said India is doing "very well" in terms of economic growth.

business Updated: Jun 13, 2011 22:35 IST

Stressing that global recovery is taking place, Organisation for Economic Cooperation and Development (OECD) secretary general Angel Gurria on Monday said India is doing "very well" in terms of economic growth.

"We are seeing a global recovery, that is a fact... India is doing very well and actually India is helping the averages (growth of world economy) look better...," Gurria told reporters in New Delhi.

The OECD is a grouping of mostly developed nations and its 34-member countries contribute over 60% of global output.

India recorded GDP growth of 8.5% in 2010-11 and is likely to expand in the same range in this fiscal too.

According to Gurria, not only India's expansion but also "deliberate policy decision (by Beijing) to slowdown Chinese economy are good for the global economy".

"I think we should receive some reduction in the rate of growth of China as good news...," he noted.

China is looking at ways to bring down speedy growth in order to avoid any possibility of overheating of its economy.

Pointing out that there is no "European debt crisis", Gurria said specifically problems are faced by three countries -- Greece, Ireland and Portugal.

"One is Greece, which has fiscal problems, second is Ireland, it has banking problems and third is Portugal, (which has) self-inflicted problems... that must be because of political tensions," he added.