By TIOL News Service

NEW DELHI, MAR 01, 2017: OECD and CII yesterday signed MoU for greater collaborative work. The MoU reinforces their common commitment to promote best practices and collaboration to create a robust competitive environment for global trade, the OECD Secretary-General observed.

The OECD, in its economic survey for India, hailed India as a top reformer, specifically noting the significance of demonetization and the imminent roll-out of the GST act. Mr. Gurria commended India on maintaining high economic growth rates despite the global economic environment not being suitable to this. “India has maintained a 7% growth rate, which is four times the average for any OECD country and twice the world average,” he noted.

The major challenge now is to ensure inclusive growth. He particularly stressed this as the biggest failure of globalization and the need to address this to turn back the new protectionist tide in the world. He identified some key areas of India-OECD collaboration, including Energy, water conservation, electrification, pollution, urban-rural inequality, and especially gender inclusion. He noted how female participation in the labour market had fallen by 10 percentage points and stated that this was a luxury India could not afford. “Dealing with only productivity and growth creates disaffection... there is a need for a nexus with inclusive growth,” he added.

CII is an active member of the Business and Industry Advisory Council (BIAC) of the OECD and the B20. He hailed this as representing the centrality of industry members to more innovation and inclusivity creating a great equalizer. It would be indispensable in addressing the backlash against the pitfalls of globalization. Quoting Prime Minister Modi, he said, “We must walk together, work together, and progress together.” This was not only to develop but also to deliver ‘better policies for better lives’ which is the OECD motto.