India Resident Representative Site
Resident Representative Office in India
This web page presents information about the work of the IMF in India, including the activities of the IMF Resident Representative Office. Additional information can be found on the India and IMF country page, including IMF reports and Executive Board documents that deal with India.
Mr. Gerry Rice, IMF Spokesperson and Director of Communications Department, issued the following statement:
“The Central Statistical Office (CSO) of India released revised estimates of GDP in January 2015. The revised estimates are compiled according to the guidelines of the 2008 System of National Accounts and the base year was updated. However, the data are only available for three years—2011-2014. The GDP estimates incorporate new source data and modified compilation techniques. In response to a longstanding request from the CSO and Ministry of Finance, a team from the International Monetary Fund (IMF)’s Statistics Department visited New Delhi during April 22 to May 5. The team reviewed the methodology of the new GDP estimates and provided guidance on back-casting the series so that a longer revised series is made available to users. The team’s visit was part of the IMF's regular program of providing technical assistance to member countries for capacity building. Reports about the team auditing India’s newly adopted GDP methodology were incorrect.”
News — Highlights
India and the IMF
The Role of Emerging Markets in a New Global Partnership for Growth by IMF Managing Director Christine Lagarde
Regional Economic Outlook: Asia and Pacific
While Asia's growth has recently disappointed, the region is expected to grow at a steady 5.4 percent in 2015-16, remaining the global growth leader. Asia's growth should benefit from relatively strong labor markets and disposable income growth along with the ongoing gradual recovery in major advanced economies. Across most major Asian economies, lower commodity prices should help consumption. Negative risks to growth dominate, especially the possibility of a sharper slowdown in China or larger spillovers from the changing composition of China's demand. In addition, further U.S. dollar strength accompanied by a sudden tightening of global financial conditions, weaker growth in Japan, and weaker regional potential growth could also dim Asia's growth prospects. High leverage could amplify shocks, and lower commodity prices will also hurt corporate investment in key commodity-producing sectors. All in all, despite its resilient outlook, Asia is facing a challenging economic environment. This calls for carefully calibrated macroeconomic policies and a renewed impetus on structural reforms to facilitate investment and improve economic efficiency, bolstering economic resilience and potential growth.
Fraudulent Scam Emails Using the Name of the IMF
We would like to bring to the notice of the general public that several variants of financial scam letters purporting to be sanctioned by the International Monetary Fund (IMF) or authored by high ranking IMF officials are currently in circulation, and may appear on official letterhead containing the IMF logo. The scam letters instruct potential victims to contact the IMF for issuance of a “Certificate of International Capital Transfer” or other forms of approval, to enable them receives large sums of monies as beneficiaries. The contact e-mail information is always BOGUS and unsuspecting individuals are then requested to send their personal banking details which the scammers utilize for their fraudulent activities.
Contrary to what is stated in these scam e-mails, letters, or phone conversations, the IMF does NOT authorize, verify, monitor, or assist in contract or inheritance payments between third parties and/or Governments, nor does it endorse the activities of any bank, financial institution, or other public or private agency. For purposes of clarification, the IMF is an inter-governmental organization whose transactions and operations are carried out directly with its member countries.
If you have already received such e-mails, you are advised to terminate all further contacts with the scammers, and, in the event that you have sent them funds, contact your local law enforcement agency immediately. If you are resident in the United States, you can also file a complaint with the US Federal Bureau of Investigation (FBI), through the following website: http://www.ic3.gov/default.aspx.