India: 2009 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for India

IMF Staff Country Reports, March 23, 2010

Source details

Canonical URL: India: 2009 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for India

India’s medium-term growth prospects remain bright.
Prompt fiscal and monetary easing, combined with the fiscal stimulus already in the pipeline and the return of risk appetite in financial markets, have brought growth close to pre-crisis levels.
Executive Directors congratulated the authorities on their strong record of sound macroeconomic policies and decisive actions leading to India’s early and vigorous recovery from the global crisis.

Primary risks to a favorable outlook stem from difficulties in implementing productivity-enhancing reforms.
Continued supply bottlenecks present material downside risks to the outlook.

Fiscal policy: Prompt fiscal easing and a fiscal stimulus in the pipeline were important contributors to the recovery.
Monetary policy: Prompt monetary easing supported the return to near pre-crisis growth.
Financial markets: The return of risk appetite in financial markets aided the recovery process.
Structural reforms: Implementation of productivity-enhancing reforms is critical to secure the medium-term growth outlook and mitigate downside risks from supply constraints.

Subject: Commercial banks, Corporate bonds, External debt, Financial institutions, Inflation, Public debt, Revenue administration
Keywords: anti-hoarding measure, app, Commercial banks, Corporate bonds, CR, Global, inflation pressure, ISCR, net portfolio inflow, relations with the World Bank Group, reserve bank of India

1. Millennium Development Goals, 1990-2007
- 1. Millennium Development Goals, 1990-2007 (Markdown version)
- 1. Millennium Development Goals, 1990-2007 (PDF)