ORGANISATION FOR ECONOMIC COOPERATION AND DEVELOPMENT (OECD)

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Context:

The Organisation for Economic Cooperation and Development (OECD) sharply slashed the growth for India to 6.9% growth in FY23 from 8.1% estimated earlier and to 6.2 percent in 2023.

More on the news:

This is below the Reserve Bank of India's estimate of a 7.2% rise.
India's Gross domestic product (GDP) grew 8.7% in 2021-22, making it the fastest-growing major economy in the world.
OECD expects policy rate to rise to 5.3% by the end of 2022 and remain there in 2023.
World Bank similarly severely pared India's FY23 forecast to 7.5% from 8.5% in the April review.

About:

The Organisation for Economic Co-operation and Development (OECD) is an intergovernmental economic organisation, founded to stimulate economic progress and world trade.
The goal is to shape policies that foster prosperity, equality, opportunity and well-being for all.
Most OECD members are high-income economies with a very high Human Development Index (HDI) and are regarded as developed countries
Founded: 1961.
Headquarters: Paris, France.
Total Members: 38.
India is not a member.

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