India among the fastest growing economies in Asia: OECD

The Paris-based intergovernmental body – Organization for Economic Cooperation and Development (OECD) that focuses on economic policy reports has reported in its latest “Economic Outlook” that India is set to be the second-fastest growing economy in the G20 in FY 2022-23 after Saudi Arabia.

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After getting hit by Corona, decelerating global demand and the tightening of monetary policy to manage inflationary pressures, India has managed to be at the 2nd place among the list of highest growing economies of Asia, as per a report released by Organization for Economic Cooperation and Development (OECD).

According to the report, the GDP growth in the country will slow to 5.7% in FY 2023-24 due to moderate growth in exports and domestic demand, but the good news is that it would still be growing more than many other G20 economies including China and Saudi Arabia.

“After hitting 6.6% in FY 2022-23, GDP growth is expected to slow in coming quarters, to 5.7% in FY 2023-24, before reverting to around 7% in FY 2024-25,” the report said.

The OECD report also highlighted India’s “impressive progress” in recent years in providing access to financial services to a larger portion of the Indian population which includes disadvantaged socio-economic groups by introducing the Unified Payments Interface (UPI) and other tools”, which are easing the transition towards a cashless economy.