Assessment and recommendations

In recent years, the Indian economy has been catching up very quickly. Prior to the global recession, annual growth exceeded 9%, an unprecedented step up from already high growth rates in the early 2000s. The Indian share of global output has continued to rise and the productivity gap with OECD countries has shrunk, though it remains large. Private investment is a key driving force. It is supported by buoyant corporate sector profitability and a rising national saving rate, which has reached the levels East Asian economies achieved during their periods of rapid growth. Growth has been broad-based but large regional disparities endure.

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