On March 10, 2021, Organisation for Economic Co-operation and Development (OECD) raises the Gross Domestic Product (GDP) of India to 12.6% for FY 22, the highest among G20 countries. With his projection by OECD, India becomes the fastest-growing economy in the world.
- e., OECD has raised the GDP Projection by 4.7% from its December, 2020 projection of 7.9% for FY22.
OECD has projected the India’s GDP to contract 7.4 per cent (-7.4%) in FY21 against the December 2020 forecast of 9.9% contraction (-9.9%).
- e.OECD had raised the GDP Projection by 2.5% from its earlier projection.
OECD had pegged that, Indian economy as a whole in 2020 contracted by about 7 per cent.
Global Projection –
OECD has raised the 2021 global economy to grow 5.6 percent, an increase of 1.4 percentage points from its December 2020 forecast during which it has projected the 2021 global economy at 4.2% .
Projections by Other Rating Agency:
- Crisil projected India’s GDP growth to 11 per cent(11%) in FY22 & 8 per cent contraction (-8%) in FY21.
- The GDP growth of India will growth to average 6.3 per cent(6.3%) between fiscals 2023 and 2025.
- IMF had projected the growth for FY22 for India to 11.5%, making it one of the fastest growing major economies.
Recent Related News:
On January 7, 2021, the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) released the First Advance Estimates of National Income at both Constant (2011-12) and Current Prices, for FY 2020-21.The growth in real GDP during 2020-21 is estimated at -7.7% as compared to the growth rate of 4.2% in 2019-20.
About Organisation for Economic Co-operation and Development (OECD):
Secretary General – Angel Gurría
Members Countries – 37