India: Recent Economic Developments

International Monetary Fund

No 1998/120, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper reviews economic developments in India during 1996–98. After three successive years of growth more than 7 percent, growth of slowed to an estimated 5 percent in 1997/98. The slowdown predates the Asian crisis, and its proximate causes are a decline in agricultural output and weak industrial sales. Weaker investment appears to be a major factor behind the industrial slowdown. The balance of payments continued to improve in 1997/98, despite a widening in the current account deficit to 1½ percent of GDP.

Keywords: ISCR; CR; foreign exchange; interest rate; central government; broad money; capital account; foreign direct investment; bank rate; tax revenue; private sector; monetary policy; prime lending rate; secondary market; Imports; Public sector; Commercial banks; Inflation; Public enterprises; East Asia; Southeast Asia (search for similar items in EconPapers)
Pages: 97
Date: 1998-11-04
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Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:1998/120

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