## India: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for India

_IMF Staff Country Reports, November 26, 2025_

## Source details

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## Bibliographic details
- Published: November 26, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229030809.002

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### Overview
- India’s strong economic performance has benefitted from sound macroeconomic policies and earlier structural reforms.
- Despite external headwinds, growth is expected to remain resilient, with inflation remaining subdued.
- Amid high uncertainty, potential upside risks stem from swift conclusions of trade agreements and accelerated implementation of domestic structural reforms, while possible downside risks from deepening geoeconomic fragmentation persist.

### Growth, Inflation, and External Environment
- Growth: "growth is expected to remain resilient."
- Inflation: "inflation remaining subdued."
- External headwinds: noted as a constraint on the outlook but not quantified in the source text.

### Risks and Scenarios
- Upside risks:
  - Swift conclusions of trade agreements.
  - Accelerated implementation of domestic structural reforms.
- Downside risks:
  - Deepening geoeconomic fragmentation.

### Policy and Structural Priorities
- Macroeconomic policy stance credited: "sound macroeconomic policies."
- Structural policy progress credited: "earlier structural reforms."
- Implied policy focus areas (as highlighted by report themes and keywords):
  - Structural reforms to sustain growth.
  - Trade policy (conclusion of trade agreements).
  - Resilience to geoeconomic fragmentation.

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## Content in this bundle

- **1. State-level Fiscal Dynamics**
  - [1. State-level Fiscal Dynamics (Markdown version)](/-/media/files/publications/cr/2025/english/1indea2025003-source-pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [1. State-level Fiscal Dynamics (PDF)](/-/media/files/publications/cr/2025/english/1indea2025003-source-pdf.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2025/11/25/india-2025-article-iv-consultation-press-release-staff-report-and-statement-by-the-572056_