Organisation for Economic Co-operation and Development (OECD)

International

Organisation for Economic Co-operation and Development (OECD)

07 Feb 2024 Zinkpot 352

The Organisation for Economic Co-operation and Development (OECD) is an international, intergovernmental economic organization comprising 38 member countries with market economies. Its mission is to promote economic growth, prosperity, and sustainable development.
The OECD plays a pivotal role in shaping policies for a better world. Here are some key features of the OECD:
- Evidence-Based Policy Making: The OECD monitors trends, collects data, analyzes economic development, and investigates evolving patterns across a wide range of public policy areas. It serves as one of the world’s largest and most reliable sources of comparable statistical, economic, and social data.
- Global Collaboration: While comprising 38 member countries, the OECD extends its reach beyond its membership. It collaborates with over 70 non-member economies to establish evidence-based international standards and find solutions to social, economic, and environmental challenges. Together with governments, policymakers, and citizens, the OECD fosters prosperity, equality, opportunity, and well-being for all.
- Multifaceted Focus: The OECD’s work spans diverse domains, including:
  - Economic Performance: Improving economic growth and creating jobs.
  - Education: Fostering strong education systems.
  - Tax Evasion: Fighting international tax evasion.
  - Climate Change: Addressing global environmental challenges.
  - Quality Standard-Setting: Providing a unique forum for data, analysis, and best-practice sharing.
- Core Purpose: Under its Convention, the OECD’s core purpose is to preserve individual liberty and enhance the economic and social well-being of people. Its mission remains centered on promoting stronger, cleaner, and fairer economic growth, raising employment, and improving living standards globally.
India and OECD: India, as a key partner, actively engages with the Organisation for Economic Co-operation and Development (OECD). While India is not a member country, it collaborates closely with the OECD on various fronts:
- Policy Dialogue: India participates in policy discussions, sharing insights and experiences. These dialogues cover diverse areas such as economic growth, education, health, and climate change.
- Adherence to OECD Standards: India aligns its policies and practices with OECD standards in areas like taxation, corporate governance, and anti-corruption measures. This alignment fosters international cooperation and ensures consistency.
- Bilateral Cooperation: India and the OECD engage in bilateral projects and initiatives. These include joint research, capacity-building programs, and technical assistance.
- Access to OECD Reports and Data: India benefits from the wealth of research, data, and analysis produced by the OECD. This information informs policy decisions and helps address domestic challenges.
- Participation in Committees and Working Groups: India actively participates in various OECD committees, contributing to discussions on topics like education, employment, and sustainable development.
- Inclusive Framework on Base Erosion and Profit Shifting (BEPS): India is part of the BEPS framework, which aims to address tax avoidance by multinational enterprises. The OECD facilitates cooperation among countries to implement BEPS recommendations.
- Global Relations: India collaborates with the OECD on global issues such as climate change, digital transformation, and inclusive growth. This partnership strengthens India’s position in the international arena.
In summary, the OECD serves as a force for good, fostering cooperation, evidence-based policies, and sustainable development. Its impact resonates across borders, contributing to a more prosperous and equitable world.
OECD, recently, raised India’s FY25 growth projection marginally to 6.2% from 6.1% earlier, on the back of strong investment growth. It pegged India’s FY26 growth at 6.5%.
OECD has also raised the global growth outlook to 2.9% in 2024 from 2.7% projected earlier.
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