The Organisation for Economic Cooperation and Development (OECD), in its latest economic outlook report for Asian countries, has highlighted that Indian economy is expected to witness an average growth of 6.7 % over the 2015-19 period and a further boost would depend on reform plans of the government.
The OECD highlighted that these reforms include promoting domestic and foreign investments, creating jobs and improving food security, raising standards of education and skills development, building new infrastructure, enhancing water governance and increasing the country's overall competitiveness, particularly in the manufacturing sector.
After two years of slowdown, Indian economy is showing signs of revival and expanded at its fastest pace in more than two years by 5.7% y-o-y during Q1FY15 as compared to 4.7% growth recorded in same quarter last year and 4.6% in Q4FY14.
Regarding economic outlook for Asian countries, the OECD’s report has stated that Emerging Asia is set for healthy growth over the medium term even as outlook for many OECD countries remains subdued. Annual GDP growth for the ASEAN-10 countries is forecast to average 5.6% over 2015-19. China's growth is expected to slow to 6.8% over 2015-19 period. However, the Paris based think tank also highlighted that India and China could face significant challenges in future.