India: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for India
IMF Staff Country Reports, November 26, 2025
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- India: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for India
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Bibliographic details
- Published: November 26, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229030809.002
Overview
- India’s strong economic performance has benefitted from sound macroeconomic policies and earlier structural reforms.
- Despite external headwinds, growth is expected to remain resilient, with inflation remaining subdued.
- Amid high uncertainty, potential upside risks stem from swift conclusions of trade agreements and accelerated implementation of domestic structural reforms, while possible downside risks from deepening geoeconomic fragmentation persist.
Growth, Inflation, and External Environment
- Growth: "growth is expected to remain resilient."
- Inflation: "inflation remaining subdued."
- External headwinds: noted as a constraint on the outlook but not quantified in the source text.
Risks and Scenarios
- Upside risks:
- Swift conclusions of trade agreements.
- Accelerated implementation of domestic structural reforms.
- Downside risks:
- Deepening geoeconomic fragmentation.
Policy and Structural Priorities
- Macroeconomic policy stance credited: "sound macroeconomic policies."
- Structural policy progress credited: "earlier structural reforms."
- Implied policy focus areas (as highlighted by report themes and keywords):
- Structural reforms to sustain growth.
- Trade policy (conclusion of trade agreements).
- Resilience to geoeconomic fragmentation.
Content in this bundle
- 1. State-level Fiscal Dynamics