{
  "title": "India: 2019 Article IV Consultation-Press Release; Staff Report; Staff Statement and Statement by the Executive Director for India",
  "publication": "IMF Staff Country Reports, December 23, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/12/23/india-2019-article-iv-consultation-press-release-staff-report-staff-statement-and-statement-48909",
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  "summary": "This 2019 Article IV Consultation with India discusses that India has been among the world’s fastest-growing economies in recent years, lifting millions out of poverty.",
  "sections": [
    {
      "heading": "Executive summary and growth outlook",
      "content": "- India has been among the world’s fastest-growing economies in recent years, lifting millions out of poverty.\n- Growth slowed to a six-year low in the first half of 2019.\n- Both consumption and investment decelerated owing to:\n  - weak, especially rural, income growth,\n  - stresses in the nonbank financial sector,\n  - corporate and environmental regulatory uncertainty."
    },
    {
      "heading": "External sector and macro-financial stability",
      "content": "- Following a rise in vulnerabilities in 2018, stability has returned.\n- Stability is anchored by high foreign reserve buffers and a modest current account deficit."
    },
    {
      "heading": "Policy analysis and recommendations",
      "content": "- With its strong mandate, the new government has an opportunity to reinvigorate the reform agenda aimed at boosting inclusive and sustainable growth.\n- Near-term policy guidance:\n  - Monetary policy should maintain an easing bias at least until the projected recovery takes hold.\n  - Fiscal stimulus should be avoided given fiscal space at risk.\n  - Revenue losses from the recent corporate income tax rate cut should be offset."
    },
    {
      "heading": "Subjects, keywords, and publication metadata",
      "content": "- Subject: External debt, Fiscal consolidation, Fiscal policy, Government debt management, Public debt, Public financial management (PFM), Revenue administration\n- Keywords: CPI series, CR, Eastern Europe, Fiscal consolidation, Global, Government debt management, Indian rupee, ISCR, staff report projection, U.S. dollar, U.S. dollar exchange rate, U.S. dollar value, U.S. dollar-value, value\n- Publication date: December 23, 2019\n- Pages: 104\n- Volume: 2019\n- Issue: 385\n- Series: Country Report No. 2019/385\n- DOI: https://doi.org/10.5089/9781513524108.002\n- Stock No: 1INDEA2019001\n- ISBN: 9781513524108\n- ISSN: 1934-7685\n\nIndia: 2019 Article IV Consultation-Press Release; Staff Report; Staff Statement and Statement by the Executive Director for India\n\n---\n\n Content in this bundle\n\n- 1indea2019001\n  - 1indea2019001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1indea2019001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 23, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513524108.002",
    "India has been among the world’s fastest-growing economies in recent years, lifting millions out of poverty.",
    "Growth slowed to a six-year low in the first half of 2019.",
    "Both consumption and investment decelerated owing to:",
    "Following a rise in vulnerabilities in 2018, stability has returned.",
    "Stability is anchored by high foreign reserve buffers and a modest current account deficit.",
    "With its strong mandate, the new government has an opportunity to reinvigorate the reform agenda aimed at boosting inclusive and sustainable growth.",
    "Near-term policy guidance:",
    "Subject: External debt, Fiscal consolidation, Fiscal policy, Government debt management, Public debt, Public financial management (PFM), Revenue administration",
    "Keywords: CPI series, CR, Eastern Europe, Fiscal consolidation, Global, Government debt management, Indian rupee, ISCR, staff report projection, U.S. dollar, U.S. dollar exchange rate, U.S. dollar value, U.S. dollar-value, value",
    "Publication date: December 23, 2019",
    "Pages: 104",
    "Volume: 2019",
    "Issue: 385",
    "Series: Country Report No. 2019/385",
    "DOI: https://doi.org/10.5089/9781513524108.002",
    "Stock No: 1INDEA2019001",
    "ISBN: 9781513524108",
    "ISSN: 1934-7685",
    "**1indea2019001**"
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