Sharply revising upwards its forecast, the Organisation for Economic Cooperation and Development (OECD) has projected 5.7 per cent growth for the Indian economy this year even as global recovery continues at a moderate pace.

New international tax rules proposed on Tuesday could eliminate structures that have allowed companies such as Google Inc and Amazon.com Inc to shave billions of dollars off their tax bills.

Once implemented, measures proposed by the Organisation for Economic Cooperation and Development (OECD) to curb tax avoidance activities would have "far reaching implications" in India's transfer pricing landscape as well as a significant impact on US multinationals with overseas operations, according to experts.