India; 2013 Article IV Consultation
Indiaâ€™s economy has slowed substantially before and after the global financial crisis. The economy is in a weaker position than before the crisis. With investment particularly hard-hit, potential GDP is likely to be lower than estimated. Inflation is constraining the room for monetary policy easing. Banksâ€™ capital ratios have fallen slightly, but asset quality is deteriorating considerably. The current account deficit registered a record high in 2011â€“12. Delivering on structural reforms, fiscal consolidation, and low inflation are critical for a sustained recovery.
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