Scaling up India’s growth forecast for the fiscal to 5.4% and to over 6% in the next two years, the OECD on Wednesday said strong, sustainable and inclusive growth is possible through implementation of the reforms announced by Prime Minister Narendra Modi.
While India seems poised for a turnaround in economic activities, but it can achieve 8% or higher growth only through more structural reforms said the OECD’s Economic Survey of India.
* Switch subsidy spending to social & physical infrastructure
* Reform taxes, introduce GST to help fiscal consolidation and boost incomes for all
* Implement flexible inflation targeting
* Improve business environment and continue opening up the economy
* Clean-up the banking system so as to finance infrastructure
* Reduce structural barriers to job creation, especially in manufacturing
* Improve healthcare
* Enable greater participation of women in the workforce
