The OECD, in March, projected 4.3 per cent economic expansion for India in 2009. The report further said the extent of the deterioration in the fiscal position prior to the slowdown has reduced the scope for 'discretionary fiscal policy action'.
The report was jointly prepared by the Paris-based Organisation for Economic Cooperation and Development and the World Trade Organisation.
Under pressure from India and other countries for sharing account details of suspected tax offenders, Swiss banks have said any information exchange would be according to the conditions set out by the Organisation for Economic Cooperation and Development (OECD), the grouping of mostly developed nations.
At the invitation of Prime Minister Narendra Modi, President Xi Jinping and PM Shehbaz Sharif will attend via video conference, the 23rd meeting of the Council of Heads meeting of the SCO on July 4.
This activity will allow us to identify those jurisdictions where either the legal framework is not good enough or practices are not good enough and, therefore, information is not flowing.
The global agricultural production growth is expected to be low at 1.7 per cent annually during 2011-20 as compared to 2.6 per cent in the previous decade, due to lower growth in oilseeds and cereals, an agri survey said.
Dismissing fears of a slowdown, Finance Minister Pranab Mukherjee on Monday said India's growth drivers are intact and the Centre is committed to policy reforms.
Cautioning that risks remain in the 16-nation euro area, Paris-based OECD has called for more financial reforms in many member countries to ensure sustainable growth.
Chief Economic Adviser V Anantha Nageswaran on Thursday said cryptocurrencies are akin to 'a world of Caribbean pirates' in the absence of a centralised regulatory authority and are yet to pass the test of a fiat currency. He said that the government is pursuing a 'high-wire balancing act' to ensure that the gains in growth, inflation, and rupee stability of the last four years are not frittered away. He said the recent development in Terra-Luna cryptocurrency, which witnessed a massive meltdown last month, is a 'very important cautionary tale'.
Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have been invited to join the grouping.
It says that growth outlook for most countries is improving lead by US and UK.
However, the economy expanded by 7.9 per cent in the second quarter from 6.1 per cent in the previous quarter, giving hopes of durable economic rebound.
More than 44 million people were without a job in March in the OECD region - a grouping of countries which account for over 60 per cent of global output.
The unemployment rate in the OECD region a grouping of 27 developed and developing nations stood at 8.8 per cent in November 2009, amid the global labour market slowly witnessing signs of stabilisation.
The global economy is projected to expand by 4.2 per cent this year, but rising oil and commodity prices and European debt crisis could hurt the overall recovery, according to Paris-based think-tank OECD.
The political mood seems to have changed in most Organisation for Economic Cooperation and Development capitals, and it would be very difficult for any government to justify new stimulus measures in today's environment. Public pressure to reduce government budget deficits and minimise public debt burdens is growing across the developed world.
Pakistan Defence Minister Khawaja Asif will attend the SCO defence ministers' meeting in New Delhi on Friday through virtual mode, according to an official readout.
The biggest challenge for workers across the world is to find a perfect balance between work and life.
The Organisation for Economic Cooperation and Development has projected the Indian economy to expand 8.5 per cent in 2011-12, much lower than the growth of 9.6 per cent witnessed in 2010-11 financial year.
According to Organisation for Economic Cooperation and Development's report on gender and employment, there is a worldwide increase in women's participation in the labour force but considerable gaps remain in working hours, conditions of employment and earnings.
Brazil, Russia, India and China, also known as the BRIC group of countries, are expected to overtake the rich countries in primary energy consumption by 2030 and worsen their environmental calamities, Paris-based Organisation for Economic Cooperation and Development has warned. The OECD estimates suggest that 63 per cent population in the BRIC countries is living under medium to severe water stress and this share is expected to increase to 80 per cent by 2030.
Heavy lobbying, lurid language and poor analysis are inhibiting government planning for cyber protection, according to the new report on Systemic Cyber Security published by the Organisation for Economic Cooperation and Development.
It feels worsening economic downturn will dent the internet economy. The only silver lining for the IT sector, which generates about $50 billion for Indian IT services companies, is the likely growth in the services and software sectors 'along with new internet and communications-related products and infrastructure, as they are an essential part of spending and partly recession-proof,' the OECD report said.
Prime Minister Modi will be arriving in Cairo on Saturday evening at the invitation of President Abdel Fattah El-Sisi. It will be the first bilateral visit by an Indian prime minister since 1997.
The unemployment rate in the OECD region, comprising mostly developed nations, slipped to 8.6 per cent in May, while the count of jobless people in the area stood at 45.9 million during the same month.
Although the credit for acquiring the technological skill must be given to India's outstanding nuclear scientists, the decision to go nuclear was a political one that entailed clarity of vision, courage and resolve, points out Rup Narayan Das.
Trade ministers of key WTO member countries, including India would meet on the sidelines of the Organisation for Economic Cooperation and Development meeting in Paris in the last week of May.
The initiative for the consultations among the select ministers was taken by Australian Trade Minister Simon Crean.
Counter-terrorism experts from India, Pakistan and other member states of the Shanghai Cooperation Organisation on Monday deliberated on boosting cooperation in combating various regional security challenges at a meeting hosted by New Delhi.
India has signed a pact with the British Virgin Islands to check tax evasion and money laundering.
Chinese and Russian warplanes on Tuesday conducted joint air patrols over the Sea of Japan, the East China Sea and the West Pacific Ocean as the leaders of Quad held their in-person summit in Tokyo, in an apparent attempt to send a message of unity between Beijing and Moscow.
The negotiations are expected to take place in the wake of the issue of black money stashed away in Swiss banks.
In his opening remarks at the virtual summit of the Shanghai Cooperation Organisation (SCO), Modi also said that some countries use cross-border terrorism as an instrument of their policy and the grouping must not hesitate to criticise them.
This could become tricky territory for India, given its basically adversarial relationship with China, its moves to block imports and investment from that country, and to deny market access for Chinese technologies, observes T N Ninan.
"The unemployment rate for the OECD area was 8.6 per cent in September 2009, the same as the previous month and 2.3 percentage points higher than a year earlier."
India's time use survey for January-December 2019 had found that an average person in urban areas spends 485 (eight hours and five minutes) minutes on employment and related activities.
India says it cannot accept a project that ignores its core concerns on sovereignty and territorial integrity.
India on Sunday signed three agreements with the US for developing smart cities in Ajmer, Allahabad and Visakhapatnam, with the government saying that the agreements would make significant contribution to building such cities in the country.
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