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India’s economic growth is projected to remain “strong and stable” at 7.3 per cent in 2015 on the back of revival in investments even as more reforms are needed to reduce uncertainties over taxation norms, Paris-based think-tank OECD said today.
Projecting a higher growth rate of 7.4 per cent for 2016, OECD said decline in oil prices would reduce pressures on the current account deficit, inflation and subsidies.
The think-tank’s projection came a day after the Reserve Bank of India flagged concerns about monsoon and inflation that would have an impact on economic growth.
“Growth in India is expected to remain strong and stable in 2015 (at 7.3 per cent) and 2016 (7.4 per cent). The recessions in Russia and Brazil are projected to give way to low but positive growth in 2016,” the Organisation for Economic Cooperation and Development (OECD) said. Releasing its latest Economic Outlook report, it said that India’s economic growth will remain high, supported by a revival in investment.
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