India's economy is projected to grow at the rate of 12.6 per cent in 2021-22, making it the only major economy in the world to witness a double digit growth, according to an interim report by the Organization for Economic Co-operation and Development (OECD).
The OECD has raised India's growth rate projection by 4.7 percent from 7.9 Per Cent, which was projected in its December economic outlook report.
In its interim report on economic outlook, OECD said: “Activity moved above pre-pandemic levels in China, India, and Turkey, helped by strong fiscal and quasi-fiscal measures and a recovery in manufacturing and construction.”
The projection for global economic growth has also been raised by 1.4 per cent to 5.6 Per Cent in 2022-23 in the OECD economic outlook report.
The OECD, however, pegged India's economic growth rate to come down to 5.4 per cent in 2022-23. Despite the fall in the growth in FY23, India will be one of the fastest growing major economy, according to the OECD.
Further, the Indian economy was officially projected to decline by 8 per cent in the current fiscal year. However, OECD believes that contraction would be less steep at 7.4 per cent, reports Business Standard.
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