India Economic Snapshot
Economic Forecast Summary (June 2023)
Economic Outlook Note - India
Weak global demand and the effect of monetary policy tightening to manage inflationary pressures will constrain the economy in FY 2023-24, limiting real GDP growth to 6%. Moderating inflation and monetary policy easing in the second half of 2024 will help discretionary household spending regain momentum. This, along with improved global conditions, will help economic activity to accelerate, with growth of 7% in real GDP in FY 2024-25.
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Read full country noteGoing for Growth: Economic Policy Reforms (April 2021)
Going for Growth 2021 - India
Hitting particularly hard the informal sector, where much of the Indian population works, the pandemic reinforced the need for creation of jobs in the formal sector and reforms of health care, protection of vulnerable individuals, households and groups.
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Read full country note2021 Structural Reform Priorities
- Competition and regulation: Reduce statutory barriers and red tape to increase business dynamism
- Labour market: Review stringent employment protection in the formal sector to accelerate jobs creation
- Healthcare: Increase public spending to improve health outcomes in an equitable way
- Environmental policy: Improve the state of the environment
- Financial system: Facilitate further resolution proceedings
Economic Survey of India (December 2019)
Income has increased fast in recent years and millions of Indians have been lifted out of poverty. India has also become a key player in the global economy. The implementation of an ambitious set of reforms has supported economic activity and helped put a break on inflation and on both fiscal and current account deficits.