India: Staff Report for 2014 Article IV Consultation

February 20, 2014

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India: Staff Report for 2014 Article IV Consultation, (USA: International Monetary Fund, 2014) accessed September 20, 2024

Summary

This 2014 Article IV consultation highlights an expected slowdown of growth in India, to 4.6 percent this fiscal year, the lowest in a decade, reflecting global developments and domestic supply constraints. Headline consumer price index inflation is expected to remain near double digits for the remainder of the fiscal year. The current account deficit is narrowing, driven by a significant improvement in exports, robust remittance flows, and a rapid decline in gold imports. Nonetheless, India has very little room to adopt countercyclical policies. It is constrained by persistently high inflation and sizable fiscal and external imbalances. High and persistent inflation is a key macroeconomic challenge facing India. Further increases in the policy rate will be necessary to tackle high inflation and inflation expectations.

Subject: Balance of payments, Banking, Commercial banks, Current account deficits, Financial institutions, Government debt management, Inflation, Prices, Public debt, Public financial management (PFM)

Keywords: Asia and Pacific, Commercial banks, Core CPI, Core CPI inflation, Core WPI inflation, CR, Current account deficits, Eastern Europe, Food inflation, Global, Government debt management, Headline CPI inflation, Inflation, Inflation expectation, ISCR, U.S. dollar, Y. WPI inflation

Publication Details

Pages:

95
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/057
Stock No:

1INDEA2014001
ISBN:

9781484308257
ISSN:

1934-7685

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