## India: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for India

_IMF Staff Country Reports, February 22, 2017_

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## Bibliographic details
- Published: February 22, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475579789.002

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### Executive summary
- 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.

### Growth and near-term outlook
- Recent years: strong growth supported by a large terms-of-trade gain and positive policy actions.
- Near-term projection:
  - 6.6 percent in FY2016/17
  - 7.2 percent in FY2017/18
- Primary risk to the near-term outlook identified: temporary disruptions, primarily to private consumption, caused by cash shortages.

### Inflation and monetary stance
- Inflation dynamics:
  - Inflation has remained low.
  - Factors cited: collapse in global commodity prices, a range of supply-side measures, and a relatively tight monetary stance.

### Fiscal policy and public spending
- Fiscal consolidation:
  - Fiscal consolidation at the Union Government level resumed in FY2016/17.
  - Complementary measures to enhance the quality of public spending have been implemented.

### Subject coverage and keywords
- 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.

*International Monetary Fund. India: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for India (February 22, 2017).*

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## Content in this bundle

- **Country Report**
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_Source: 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_