This 2017 OECD Economic Survey of India examines recent economic developments, policies and prospects. The special chapters cover tax reform and regional development.

India has been a growth champion in recent years and has succeeded in taming inflation, the current account deficit and non-performing loans. India's participation in the global economy has risen, with outstanding performances in some services, while the largest diaspora in the world is an asset in developing new markets. India has also lifted many millions of people out of poverty and has made access to housing for all a priority. Ambitious structural reforms -- including better targeted household support, financial inclusion initiatives, the implementation of the Goods and Services Tax, the Insolvency and Bankruptcy Code, the new approach to federalism and the corporate income tax reform -- have played a key role.

- Basic statistics of India, 2015 or latest year available (Numbers in parentheses refer to the OECD average) - Acronyms - Executive summary - Assessment and recommendations - Follow-up to previous OECD policy recommendations - Making income and property taxes more growth-friendly and redistributive - Achieving strong and balanced regional development - Spatial inequalities: across states or between rural and urban areas?

After a good performance until 2016, growth slowed in the first half of 2017. The unemployment rate has fallen to below 4.5%, but real wages are in a downward trend. Planned Brexit has raised uncertainty and dented business investment. Negotiating the closest possible EU-UK economic relationship...

This 2017 OECD Economic Survey of Japan examines recent economic developments, policies and prospects. The special chapters cover productivity for inclusive growth and fiscal sustainability.

India is the fastest-growing G20 economy, thanks to ambitious structural reforms and low commodity prices. Deregulation and improvement in the ease of doing business have boosted foreign investment. However, investment is still held back by the relatively high corporate income tax rates, slow land acquisition processes, stringent regulations, weak corporate balance sheets, high non-performing loans and infrastructure bottlenecks. Quality job creation has been low, due to complex labour laws. A comprehensive tax reform would promote inclusive growth: implementation of the Goods and Services Tax would support competitiveness, investment and economic growth as will reducing the corporate income tax rate and broadening the base. Property and personal income taxes could be reformed to raise more revenue, promote social justice and empower sub-national governments. Ensuring clarity and certainty in tax legislation and employing more skilled tax officers would strengthen the tax administration. Spatial disparities in living standards are large. India is reforming relations across levels of government to empower the states and make policies more responsive to local conditions. Some states have taken the lead in improving the ease of doing business and now enjoy higher productivity and income. In rural areas, poverty rates are high and access to core public services is often poor. Farm productivity is low owing to small and fragmented land holdings, poor input management, and inefficient market conditions. In urban areas, agglomeration benefits are quickly reduced by congestion costs, in particular air pollution and long commuting time. SPECIAL FEATURES: TAX REFORM; REGIONAL DEVELOPMENT

OECD's first economic survey of the Indian economy. It opens with a broad overview of economic developments over the past twenty years, showing how India has grown to become the third largest economy in the world. It then examines a series of ...