India: Recent Economic Developments
November 4, 1998
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This paper reviews economic developments in India during 1996–98. After three successive years of growth more than 7 percent, growth of slowed to an estimated 5 percent in 1997/98. The slowdown predates the Asian crisis, and its proximate causes are a decline in agricultural output and weak industrial sales. Weaker investment appears to be a major factor behind the industrial slowdown. The balance of payments continued to improve in 1997/98, despite a widening in the current account deficit to 1½ percent of GDP.
Subject: Banking, Commercial banks, Economic sectors, Financial institutions, Imports, Inflation, International trade, Prices, Public enterprises, Public sector
Keywords: bank rate, broad money, capital account, central government, Commercial banks, CR, East Asia, foreign direct investment, foreign exchange, Imports, Inflation, interest rate, ISCR, monetary policy, prime lending rate, private sector, Public enterprises, Public sector, secondary market, Southeast Asia, tax revenue
Pages:
97
Volume:
1998
DOI:
Issue:
120
Series:
Country Report No. 1998/120
Stock No:
1INDEA0021998
ISBN:
9781451818604
ISSN:
1934-7685
