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India: Staff Report for 2014 Article IV Consultation

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  • International Monetary Fund

Abstract

This 2014 Article IV consultation highlights an expected slowdown of growth in India, to 4.6 percent this fiscal year, the lowest in a decade, reflecting global developments and domestic supply constraints. Headline consumer price index inflation is expected to remain near double digits for the remainder of the fiscal year. The current account deficit is narrowing, driven by a significant improvement in exports, robust remittance flows, and a rapid decline in gold imports. Nonetheless, India has very little room to adopt countercyclical policies. It is constrained by persistently high inflation and sizable fiscal and external imbalances. High and persistent inflation is a key macroeconomic challenge facing India. Further increases in the policy rate will be necessary to tackle high inflation and inflation expectations.

Suggested Citation

  • International Monetary Fund, 2014. "India: Staff Report for 2014 Article IV Consultation," IMF Staff Country Reports 2014/057, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2014/057
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=41356
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    Cited by:

    1. Rakesh Mohan & Muneesh Kapur, 2015. "Pressing the Indian Growth Accelerator: Policy Imperatives," IMF Working Papers 2015/053, International Monetary Fund.
    2. Ms. Evridiki Tsounta, 2014. "Slowdown in Emerging Markets: Sign of a Bumpy Road Ahead?," IMF Working Papers 2014/205, International Monetary Fund.

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