India Resident Representative Site
Resident Representative Office in India
This web page presents information about the work of the IMF in India, including the activities of the IMF Resident Representative Office. Additional information can be found on the India and IMF country page, including IMF reports and Executive Board documents that deal with India.
Mr. Gerry Rice, IMF Spokesperson and Director of Communications Department, issued the following statement:
“The Central Statistical Office (CSO) of India released revised estimates of GDP in January 2015. The revised estimates are compiled according to the guidelines of the 2008 System of National Accounts and the base year was updated. However, the data are only available for three years—2011-2014. The GDP estimates incorporate new source data and modified compilation techniques. In response to a longstanding request from the CSO and Ministry of Finance, a team from the International Monetary Fund (IMF)’s Statistics Department visited New Delhi during April 22 to May 5. The team reviewed the methodology of the new GDP estimates and provided guidance on back-casting the series so that a longer revised series is made available to users. The team’s visit was part of the IMF's regular program of providing technical assistance to member countries for capacity building. Reports about the team auditing India’s newly adopted GDP methodology were incorrect.”
News — Highlights
India and the IMF
May 6, 2015
Growth in Asia and the Pacific will continue to outperform the rest of the world, and is expected to remain steady at 5.6 percent in 2015, easing slightly to 5.5 percent in 2016, according to the IMF's Regional Economic Outlook for Asia and the Pacific.
Regional Economic Outlook: Asia and Pacific
The economic outlook for Asia and Pacific is stable and robust, with growth expected to hold steady at 5.6 percent in 2015, easing slightly to 5.5 percent in 2016, according to the latest Regional Economic Outlook for Asia and Pacific, published on May 7, 2015.
Although Asia will remain the global growth leader, vulnerabilities associated with increased domestic and foreign debt are rising. Potential growth is likely to slow, reflecting weaker productivity gains, and the effects of aging populations and infrastructure bottlenecks in some countries.
The report finds that monetary and fiscal policy settings are broadly appropriate, but boosting resilience and potential growth remain top priorities, with structural reforms continuing to play a big role. The report also explores Asia's role in global value chains and the factors affecting financial integration within Asia.
Fraudulent Scam Emails Using the Name of the IMF
We would like to bring to the notice of the general public that several variants of financial scam letters purporting to be sanctioned by the International Monetary Fund (IMF) or authored by high ranking IMF officials are currently in circulation, and may appear on official letterhead containing the IMF logo. The scam letters instruct potential victims to contact the IMF for issuance of a “Certificate of International Capital Transfer” or other forms of approval, to enable them receives large sums of monies as beneficiaries. The contact e-mail information is always BOGUS and unsuspecting individuals are then requested to send their personal banking details which the scammers utilize for their fraudulent activities.
Contrary to what is stated in these scam e-mails, letters, or phone conversations, the IMF does NOT authorize, verify, monitor, or assist in contract or inheritance payments between third parties and/or Governments, nor does it endorse the activities of any bank, financial institution, or other public or private agency. For purposes of clarification, the IMF is an inter-governmental organization whose transactions and operations are carried out directly with its member countries.
If you have already received such e-mails, you are advised to terminate all further contacts with the scammers, and, in the event that you have sent them funds, contact your local law enforcement agency immediately. If you are resident in the United States, you can also file a complaint with the US Federal Bureau of Investigation (FBI), through the following website: http://www.ic3.gov/default.aspx.