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Business Economy


India: step up reform efforts to increase quality jobs and incomes, says OECD

New Delhi, Dec 5 (UNI) India is set for a modest recovery after a loss of momentum, as reforms to simplify taxation, lighten business regulations and upgrade infrastructure start to bear fruit, according to a survey.
Further reforms to modernise the economy are now needed to drive the creation of high-quality jobs, as well as measures to improve public services and welfare, states a new OECD report, presented on Thursday.
The latest Organisation for Economic Cooperation and Development Economic Survey of India notes that while the country has greatly expanded its participation in global trade in recent years, private investment remains relatively weak, the employment rate has declined amid a shortage of quality jobs, rural incomes are stagnating, and per-capita income varies considerably across states.
''India is now well established as a growth champion and a major player in the global economy,'' said the Paris-based OECD Chief Economist Laurence Boone, launching the Survey in New Delhi. ''However, this slower pace of growth underlines the need to fully implement existing reforms and continue lowering barriers to trade to generate the investment and jobs India needs to raise living standards across the country.''
The 36-nation OECD Survey sees India’s GDP growth recovering to 6.2% in 2020 and 6.4% in 2021 after dipping to 5.8% in 2019 following several years of robust growth. Restoring growth to the higher levels needed to provide ample jobs and ease inequality will require accelerating the pace of structural reforms to revive investment and exports.
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