Economic participation of women in the labour force or as entrepreneurs is low compared to peers and has declined over the past decades despite strong growth. The gap with men is over 50% - the largest among key emerging markets.
With India’s low life expectancy largely reflecting deaths from preventable diseases, the most significant gains in health would come from population-wide preventive measures.
Stronger manufacturing would increase productivity and make growth more inclusive, while contributing to improved current account balance. In particular, India should aim for more formal jobs, as these tend to be the most secure and of highest productivity.
The Indian economy is showing signs of a turnaround, but new reforms are needed to put the country on a path to strong, sustainable and inclusive growth, according to the latest OECD Economic Survey of India.
While the outlook for many OECD countries remains subdued, Emerging Asia is set for healthy growth over the medium term. Annual GDP growth for the ASEAN -10, China and India is forecast to average 6.5% over 2015-19. Growth momentum remains robust in the 10 ASEAN countries, with economic growth averaging 5.6% over 2015-19.
India needs to address a wide range of structural bottlenecks in order to sustain strong medium-term growth.
India has rebounded swiftly after the global economic crisis, but is experiencing a slowdown in economic growth since 2012.
Source: OECD Main Economic Indicators (updated continuously) - Composite leading indicators (CLIs) are calculated for 29 OECD countries (Iceland is not included), 6 non-member economies and 9 zone aggregates. A country CLI comprises a set of component series selected from a wide range of key short-term economic indicators mainly covered in the MEI database.
A major step forward towards putting the measurement of well-being at the heart of policy-making was taken at a four-day international conference which ended in New Delhi today.
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Renewed impetus for reforms is essential for India to continue to narrow its major gap in living standards with middle-income and OECD economies, to reduce widespread poverty, to reverse rising inequality and to improve the wellbeing of all Indians. Based on the expertise of OECD, this report presents an update of policy advice in critical areas to India’s long-term economic performance and social development.