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India to see stable growth; prospects depends on reforms: OECD

PTI 14 Nov 2014, 8:10:54 AM IST

Nay Pyi Taw: The Indian economy is expected to see an average annual growth of 6.7 per cent over the 2015-19 period and a further boost would depend on reform plans of the government, says a report.

However, the Organisation for Economic Cooperation and Development (OECD) on Thursday also said India and China face significant challenges.

"India's growth should remain stable at 6.7 per cent, before any potential boost from the new government's reform plans," the report, released at the ASEAN (Association of Southeast Asian Nations) Business and Investment Summit here.

"Emerging Asia" is set for healthy growth over the medium term, even as outlook for many OECD countries remains subdued, according to the grouping's latest economic outlook report for Southeast Asia, China and India. "India's growth should be stable over 2015-19 but the prospects could change, depending on the implementation of the reforms of the new (Narendra) Modi government," it said.

These plans include promoting domestic and foreign investments, creating jobs, improving food security, raising standards of education and skills development and building new infrastructure.