{
  "title": "India: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for India",
  "publication": "IMF Staff Country Reports, February 22, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/02/22/india-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-44670",
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  "summary": "This 2017 Article IV Consultation highlights strong growth recorded by the Indian economy in recent years helped by a large terms-of-trade gain and positive policy actions.",
  "publishDate": "2017-02-22",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- Strong growth recorded by the Indian economy in recent years helped by a large terms-of-trade gain and positive policy actions.\n- Inflation has remained low following the collapse in global commodity prices, a range of supply-side measures, and a relatively tight monetary stance.\n- Fiscal consolidation at the Union Government level resumed in FY2016/17 and has been complemented by measures to enhance the quality of public spending.\n- Growth is projected to slow to 6.6 percent in FY2016/17 and then rebound to 7.2 percent in FY2017/18, owing to temporary disruptions, primarily to private consumption, caused by cash shortages."
    },
    {
      "heading": "Growth and near-term outlook",
      "content": "- Recent years: strong growth supported by a large terms-of-trade gain and positive policy actions.\n- Near-term projection:\n  - 6.6 percent in FY2016/17\n  - 7.2 percent in FY2017/18\n- Primary risk to the near-term outlook identified: temporary disruptions, primarily to private consumption, caused by cash shortages."
    },
    {
      "heading": "Inflation and monetary stance",
      "content": "- Inflation dynamics:\n  - Inflation has remained low.\n  - Factors cited: collapse in global commodity prices, a range of supply-side measures, and a relatively tight monetary stance."
    },
    {
      "heading": "Fiscal policy and public spending",
      "content": "- Fiscal consolidation:\n  - Fiscal consolidation at the Union Government level resumed in FY2016/17.\n  - Complementary measures to enhance the quality of public spending have been implemented."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subject areas: Banking, Commercial banks, Credit, Currencies, Financial institutions, Inflation, Money, Prices, Public debt.\n- Keywords included in the source: advance estimate, Commercial banks, CR, Credit, Currencies, currency exchange initiative, foreign direct investment inflow, Global, Inflation, ISCR, net, net portfolio investment outflow, South Asia, spot sale, state.\n\nInternational Monetary Fund. India: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for India (February 22, 2017).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/02/22/india-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-44670"
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    "Published: February 22, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475579789.002",
    "Strong growth recorded by the Indian economy in recent years helped by a large terms-of-trade gain and positive policy actions.",
    "Inflation has remained low following the collapse in global commodity prices, a range of supply-side measures, and a relatively tight monetary stance.",
    "Fiscal consolidation at the Union Government level resumed in FY2016/17 and has been complemented by measures to enhance the quality of public spending.",
    "Growth is projected to slow to 6.6 percent in FY2016/17 and then rebound to 7.2 percent in FY2017/18, owing to temporary disruptions, primarily to private consumption, caused by cash shortages.",
    "Recent years: strong growth supported by a large terms-of-trade gain and positive policy actions.",
    "Near-term projection:",
    "Primary risk to the near-term outlook identified: temporary disruptions, primarily to private consumption, caused by cash shortages.",
    "Inflation dynamics:",
    "Fiscal consolidation:",
    "Subject areas: Banking, Commercial banks, Credit, Currencies, Financial institutions, Inflation, Money, Prices, Public debt.",
    "Keywords included in the source: advance estimate, Commercial banks, CR, Credit, Currencies, currency exchange initiative, foreign direct investment inflow, Global, Inflation, ISCR, net, net portfolio investment outflow, South Asia, spot sale, state.",
    "**Country Report**"
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