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OECD: Indian economy sharply to grow at 7.4% next fiscal

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In accordance with the Paris headquartered Organisation for Economic Cooperation and Development (OECD), India will go on with durable growth at 7.4% in the next financial year in comparison with earlier 7.3% forecasted in November 2015.

  • India will continue to grow robustly by 4% in 2016 and 7.3% in 2017.
  • On global front, economy is anticipated to expand 3% and accelerate to 3.3% in 2017 showing a sharp trim from November 2015 when it estimated at 3.3%.

Earlier, Central Statistics Office (CSO) of India projected country’s growth at 7.6% in the fiscal ending March, overtaking a slowing China.

Growth projection about other countries:

  • China’s growth is projected at 6.5% in 2016 and 6.2% in 2017.
  • Brazil’s economy is expected to shrink by 4% this year as it is experiencing a deep recession.
  • Trade and investment are weak while sluggish demand is leading to low inflation, inadequate wage and employment growth.

About OECD:

Established in 1961, Organisation for Economic Co-operation and Development (OECD) is an international economic organisation of 34 countries to stimulate economic progress and world trade.

  • In 1948, the OECD originated as the Organisation for European Economic Co-operation (OEEC)
  • It is a forum of countries committed to democracy and market economy, providing a platform to compare policy experiences, seeking answers to common problems, identify good practices and coordinate domestic and international policies of its members.
  • Secretary-General – Jose Angel Gurria