OECD pegs India’s economic growth at 5.7% in
2014
16/09/2014 12:42
The Organisation for Economic Cooperation and Development (OECD) has upwardly revised its estimate for growth in Asia’s third biggest economy this year as the Modi government kick-starts reforms, reviving investment sentiment.
The Paris-based think tank expects the Indian economy to grow by 5.7 per cent in 2014, up from a prior estimate of 4.9 per cent expansion.
“Growth in India is projected to pick up and Brazil will experience a modest rebound from recession... India will grow by 5.7 per cent in 2014 and 5.9 per cent in 2015," OECD said.
The Indian economy grew at the fastest clip in two and a half years as gross domestic product (GDP) expanded by 5.7 per cent in Q1 FY 2014-15, up from an annual expansion of 4.6 per cent in Q4 FY 2013-14.
The Economic Survey has pegged FY 2014-15 economic growth at 5.4- 5.9 per cent.
India "has the opportunity to achieve faster and more inclusive growth", the OECD said.
The agency called on policymakers to undertake solid fiscal consolidation measures including a shift from subsidy allocation to investment in social and physical infrastructure, controlling high inflation, improving financial stability, simplifying labour laws and pursuing tax reforms.
India must “"infrastructure, simplify labour laws and pursue tax reforms", the OECD said.
16/09/2014 12:42
The Organisation for Economic Cooperation and Development (OECD) has upwardly revised its estimate for growth in Asia’s third biggest economy this year as the Modi government kick-starts reforms, reviving investment sentiment.
The Paris-based think tank expects the Indian economy to grow by 5.7 per cent in 2014, up from a prior estimate of 4.9 per cent expansion.
“Growth in India is projected to pick up and Brazil will experience a modest rebound from recession... India will grow by 5.7 per cent in 2014 and 5.9 per cent in 2015," OECD said.
The Indian economy grew at the fastest clip in two and a half years as gross domestic product (GDP) expanded by 5.7 per cent in Q1 FY 2014-15, up from an annual expansion of 4.6 per cent in Q4 FY 2013-14.
The Economic Survey has pegged FY 2014-15 economic growth at 5.4- 5.9 per cent.
India "has the opportunity to achieve faster and more inclusive growth", the OECD said.
The agency called on policymakers to undertake solid fiscal consolidation measures including a shift from subsidy allocation to investment in social and physical infrastructure, controlling high inflation, improving financial stability, simplifying labour laws and pursuing tax reforms.
India must “"infrastructure, simplify labour laws and pursue tax reforms", the OECD said.
