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December 20, 2023

IMF Executive Board concludes its Annual Consultation with India

IMF, India

Photo: During the 2022 Annual Meetings at the International Monetary Fund, a behind-the-scenes look at the first day. Washington, DC, United States. October 10, 2022. IMF Photo/STEPHEN VOSS. [File Photo]

Washington, DC, December 19, 2023 — The International Monetary Fund (IMF) has concluded its yearly consultation with India. IMF noted that India’s economy has grown robust over the past year, with employment surpassing pre-pandemic levels, formalization progressing, and the financial sector remaining resilient. The current account deficit widened in 2023 as domestic demand and external shocks outweighed robust services exports and proactive diversification of critical oil imports. Despite this, growth is expected to remain strong, with real GDP projected to grow 6.3 percent in 2024 and 2025. However, risks to the outlook are balanced, with a sharp global growth slowdown and further global supply disruptions cited as potential challenges.

Executive Directors commended India’s authorities for their prudent macroeconomic policies and reforms that resulted in the country’s strong economic performance, resilience, and financial stability. They called for appropriate policies to sustain economic stability and further progress in critical structural reforms to unleash India’s significant potential.

The International Monetary Fund (IMF) directors also praised the Reserve Bank of India’s (RBI) efforts to maintain economic stability through proactive monetary policy actions and a solid commitment to price stability. They agreed that the current neutral monetary policy stance, based on a data-dependent approach, is appropriate and should gradually help bring inflation back to its target level.

The International Monetary Fund (IMF) annually conducts bilateral discussions with member countries to gather economic and financial information. During these discussions, officials discuss the country’s economic developments and policies. The IMF staff then prepares a report, which the Executive Board discusses. The Managing Director summarizes the views of the Executive Directors and transmits them to the member country’s authorities.

Source: IMF


— The editor holds an Academic Certificate in Financial Market Analysis from the Institute for Capacity Development at the International Monetary Fund in Washington, DC. StumbleUpon reddit Facebook Google Plus Tweet This Seed This on Newsvine

Edited & Posted by the Editor | 2:33 PM | Link to this Post

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