BRICS countries, including India, Thursday voiced concern over the "fragile recovery" of global growth and the potential spillover effects from the "unconventional monetary policies" of the developed countries and felt that the BRICS Development Bank will serve as a powerful instrument for financing infrastructure investment.
Rating agency ICRA on Tuesday said the Indian economy will grow in the range of 7.6-7.8 percent in the current fiscal, despite the headwinds posed by muted global growth and an unfavourable monsoon outlook.
The Group of 20 leading economies struck a hopeful tone on the outlook for global growth on Friday even as officials fretted that Athen`s inability to strike a deal with its lenders could upset Europe`s tentative recovery.
The International Monetary Fund sees global growth at a tepid 3.5 percent this year, unchanged from its January forecast, but expects a greater contribution from the rebounding economies of Europe and Japan while emerging market economies sag.
Low oil prices normally help grease the wheels of business and spur global economic growth, but Moody`s said Wednesday it would not revise its forecasts for the G20, citing a variety of offsets to the expected windfalls.
A sharp plunge in oil prices is likely to transfer USD 1.5 trillion of wealth to consumers, bringing the US back as global growth engine while India is the most promising story among emerging markets, says a study.
Observing that India needs to create an environment for cyclic investments and ease norms of doing business, union Finance Minister Arun Jaitley Wednesday pointed to the ongoing global slow growth as an opportunity for the country as investors are eyeing its market.
The gains came amid relief that the Federal Reserve appears in no rush to withdraw stimulus from the US economy and as investors began to see the advantages of lower oil and fuel costs that should ultimately help global growth.