OECD Economic Survey of India 2017

Mr. Angel Gurria Secretary-General, OECD jointly launched Economic Survey of India in Delhi today. As per the survey Indian economy is expanding at a fast pace. The latest OECD Economic Survey of India 2017 ascertain that the acceleration of structural reforms and the move toward a rule based macroeconomic policy framework are sustaining the country's sea change economic expansion. Mr. Angel Gurria hails India's recent rate of more than 7 percent annually as the strongest among G-20 countried. The survey identifies priority areas for posterity which includes persistent plans to maintain macroeconomic stabilty , to further reduce poverty, to bring additional comprehensive tax reforms, put efforts to boost productivity and to reduce disparities between different regions of India. The survey further said that the ease of doing business in India has improved. It further acknowledged that the implementation of the landmark GST reform will contribute to making India more market oriented. By reducing tax , it will boost competitiveness , investment and job creation. The GST reform initially designed to be revenue neutral should be complemented by a form of income and property taxes. The survey further stretched  the need to bring strong and balanced regional development for inclusive growth. Further sharing of best practices particularly labour regulations and land laws could add to the reform momentum. OECD also points out that raising living standard in poorer states will require increasing productivity in agricultural sector. Better urban infrastructure will be required to fully exploit cities potential for emp!oyment, productivity and improving life standards.

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