India’s economy to attain size of USD 34.7 trillion by 2047: PHDCCI
The Indian economy is displaying robust growth post Covid pandemic despite continued global headwinds, the industry body said.
Predicting India’s Gross Domestic Product (GDP) growth, the Organisation for Economic Cooperation and Development (OECD) on Tuesday said the economy will grow at seven per cent for the current fiscal and the demonetisation drive may have impacted the short-term growth.
“Note ban may have impacted short-term growth but long-term effects would include important gains going forward,” the OECD said.
It estimated “India's GDP growth at 7 per cent for current fiscal, 7.3 per cent in FY18 (financial year 2017-18) and 7.7 per cent in FY19 (financial year 2018-19).
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"Indian economy is expanding at a fast pace, boosting living standards and reducing poverty nationwide," the OECD said, adding, "Further reforms are now necessary to maintain strong growth and ensure that all Indians benefit from it".
However, the survey points out the need to make income and property taxes "more growth-friendly and redistributive".
The OECD is an intergovernmental economic organisation with 35 member countries. The organisation promotes policies and provides a forum in which governments can work together to share experiences and seek solutions to common problems.
Meanwhile, the Union government will announce third-quarter GDP numbers later during the day.
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