## India: 2019 Article IV Consultation-Press Release; Staff Report; Staff Statement and Statement by the Executive Director for India

_IMF Staff Country Reports, December 23, 2019_

## Source details

**Canonical URL:** [India: 2019 Article IV Consultation-Press Release; Staff Report; Staff Statement and Statement by the Executive Director for India](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)

## Other formats

- [Markdown version](/en/publications/cr/issues/2019/12/23/india-2019-article-iv-consultation-press-release-staff-report-staff-statement-and-statement-48909/index.md)
- [Structured JSON version](/en/publications/cr/issues/2019/12/23/india-2019-article-iv-consultation-press-release-staff-report-staff-statement-and-statement-48909/index.json)
- [Bundle manifest](/en/publications/cr/issues/2019/12/23/india-2019-article-iv-consultation-press-release-staff-report-staff-statement-and-statement-48909/bundle-manifest.json)

## Bibliographic details
- Published: December 23, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513524108.002

---

### Executive summary and growth outlook
- 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:
  - weak, especially rural, income growth,
  - stresses in the nonbank financial sector,
  - corporate and environmental regulatory uncertainty.

### External sector and macro-financial stability
- Following a rise in vulnerabilities in 2018, stability has returned.
- Stability is anchored by high foreign reserve buffers and a modest current account deficit.

### Policy analysis and recommendations
- 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:
  - Monetary policy should maintain an easing bias at least until the projected recovery takes hold.
  - Fiscal stimulus should be avoided given fiscal space at risk.
  - Revenue losses from the recent corporate income tax rate cut should be offset.

### Subjects, keywords, and publication metadata
- 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

*India: 2019 Article IV Consultation-Press Release; Staff Report; Staff Statement and Statement by the Executive Director for India*

---

## Content in this bundle

- **1indea2019001**
  - [1indea2019001 (Markdown version)](/-/media/files/publications/cr/2019/1indea2019001.pdf.md){rel="alternate" type="text/markdown"}
  - [1indea2019001 (PDF)](/-/media/files/publications/cr/2019/1indea2019001.pdf){rel="external" type="application/pdf"}

---

_Source: 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_