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The Indian economy has been catching up but sustaining high growth requires further reforms. Fiscal policy needs to be strengthened and spending on subsidies reformed to promote more inclusive growth. The government is committed to building on financial sector reforms.
India’s economy has ranked among the best performers over the past decade, and poverty has been falling faster than in many other emerging economies. India now has the opportunity to move towards sustained and socially inclusive double-digit growth if the right policies are put in place, according to the OECD Secretary-General.
India has the chance to move towards strong, sustained and socially inclusive growth if the right policies are put in place, according to a new OECD report.
Growth and Sustainability in Brazil, China, India, Indonesia and South Africa is based on the proceedings of a conference, organised by the OECD, on the growth performance of these large emerging-market economies.
Speaking at the launch of the Perspectives on Global Development 2010, Angel Gurría says that the centre of economic gravity is moving from West to East, from the industrialised economies to the large developing economies, particularly China and India. The latest forecasts anticipate that emerging and developing economies will account for nearly 60% of world GDP by 2030.
This paper uses the OECD’s Going for Growth framework, as well as other available evidence linking policies to economic performance, to identify key structural policy challenges in the BIICS for the years ahead.
At the OECD-India Symposium, M. Gurría explained that the recovery in India should continue to gain momentum and growth exceed 6% in the current fiscal year. In 2010, growth should rise above 7%, which is amongst the fastest projected growth rates globally.
The Economics Department organised a seminar on 24 September 2009 to bridge this gap in the policy debate by identifying potential sources of growth in Brazil, China, India, Indonesia and South Africa, as well as policy challenges for sustaining long-term growth in these countries.
Country Notes from OECD Economic Policy Reforms: Going for growth 2011 presenting OECD recommendations for structural reform priorities for individual countries.