OECD raises India's FY25 GDP growth projection by 40 basis points to 6.6%

OECD raises India's FY25 GDP growth projection by 40 basis points to 6.6%

Daily Current Affairs / OECD raises India's FY25 GDP growth projection by 40 basis points to 6.6%

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Category : Business and economics Published on: May 06 2024

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The Organisation for Economic Co-operation and Development (OECD) has revised its economic growth rate forecast for India upwards, projecting a growth rate of 6.6% for the fiscal year 2024-25. This marks an increase from its earlier projection of 6.2%.
Additionally, the OECD has forecasted a growth rate of 6.6% for the Indian economy in the subsequent fiscal year 2025-26, indicating continued positive momentum in India's economic growth trajectory.
The OECD's upward revision aligns with recent trends where various international institutions, including the International Monetary Fund (IMF), have raised their growth rate expectations for India.
The IMF, for instance, recently increased its forecast for India's 2024-25 growth rate to 6.8%, reflecting growing confidence in India's economic prospects amidst global economic recovery.
The OECD attributes the anticipated faster growth of the Indian economy in 2024-25 to increased public investment and improved business confidence.
This suggests that government-led initiatives and policies aimed at stimulating investment and fostering a conducive business environment are expected to drive economic expansion.
The report underscores the importance of addressing the growing problem of indebtedness in India by advocating for measures such as enhancing revenue generation, optimizing expenditure efficiency, and implementing stronger fiscal rules.

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