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In recent years, India has enjoyed one of the highest growth rates worldwide, weathering the global financial crisis better than many other countries.
Education has been given high priority by India’s central and state governments and continues to grow fast. Nevertheless, high drop-out rates and low attendance continues to be a challenge at lower levels and enrolment at higher levels remains modest by international standards.
The Indian financial system has changed considerably since the 1990s. Interest rates have been deregulated and new entrants allowed in the banking and the securities business.
The OECD and India have announced plans to strengthen ongoing co-operation on tax-related issues through the development of a three-year partnership that will provide greater opportunities for structured dialogue and information sharing.
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 faces the same challenges as every OECD member country: how to adapt its domestic tax system and its international tax policies to a borderless economy, and how to ensure that the approaches embraced today will be well suited to meet the needs of the economy of tomorrow, said OECD Secretary-General. OECD can offer to India a forum for sharing worldwide experiences and benchmarking national policies against best practices, a
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.
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This report provides Members with an update on the Enhanced Engagement process. Enhanced Engagement is the result of a decision by the Council at Ministerial level in May 2007 “to invite the Secretary-General to strengthen OECD co-operation with Brazil, China, India, Indonesia and South Africa through Enhanced Engagement programmes with a view to possible membership.”
India has become the third key emerging economy to join the OECD system for the Mutual Acceptance of Data (MAD) in the Assessment of Chemicals, ensuring that the results of non-clinical chemical safety testing done there will be accepted in all other participating countries.