OECD slashes India growth forecast to 9.4% for FY22

Why in news?

• The Organisation for Economic Co-operation and Development (OECD) recently pared its growth forecast for India from 9.7% estimated earlier to 9.4% for this fiscal even as it maintained that the ongoing economic recovery is gaining traction, supported by progress in vaccination, which is boosting consumer sentiment.

About OECD

• The Organisation for Economic Co-operation and Development (OECD) is a group of member countries that discuss and develop economic and social policy.
• OECD was founded in the year 1961 to stimulate world trade and economic progress.
• OECD is an official Permanent observer to the United Nations and is referred to as a think-tank or as a monitoring group.
• OECD members are typically democratic countries that support free-market economies.
• The stated goal of the Organisation for Economic Co-operation and Development (OECD) is to shape policies that foster prosperity, equality, opportunity and well-being for all.
• The organization is headquartered in the Chateau de la Muette in Paris, France.

Objectives of OECD

• It also ensures that the environmental impact of growth and social development is always considered.
• Over the years, OECD has raised the standards of living in multiple countries.
• It has also contributed to the expansion of world trade.