This Survey was prepared in the Economics Department by Isabelle Joumard and Christine de La Maisonneuve under the supervision of Piritta Sorsa. The survey benefited from the substantial contributions of Christine Arriola, Sebastian Benz, Manuel Bétin, John Drummond, Julien Gourdon, Andrés Fuentes Hutfilter, Sanskruthi Kalyankar, Hildegunn Nordås, Susan Stone and Frank van Tongeren.Research assistance was carried out by Marnix Dek and Roland Tusz. Assa Fofana formatted the report and made the layout.The draft OECD Economic Survey of India was discussed at a meeting of the Economic and Development Review Committee on 7 October 2019, with the participation of representatives from the Indian authorities. It was then revised in the light of the discussions.This Survey is published under the responsibility of the Secretary General of the OECD.The previous Survey of India was issued in February 2017. Information about the latest as well as previous Surveys and more information about how Surveys are prepared is available at http://www.oecd.org/eco/surveys

Income has increased fast in recent years but private investment has lagged behind and, recently, activity has slowed. Growth has been driven mainly by consumption. Industrial production and corporate investment have yet to adjust fully to measures to improve the ease of doing business and banks’ ability to lend.

India has been the fastest growing G20 economy since 2014 (). Although GDP per capita in PPP terms still stood at 56% of the average for Brazil, India, Indonesia, China and South Africa (and 17% of the OECD average) in 2018, the pace of convergence has accelerated. India has become a key player in the global economy, with outstanding export performance in some sectors, including information and technology services and pharmaceuticals (Chapter 1).