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India Economic Snapshot

Economic Forecast Summary (June 2022)

After recording the strongest GDP rebound in the G20 in 2021, the Indian economy is progressively losing momentum as inflationary expectations remain elevated due to rising global energy and food prices, monetary policy normalises and global conditions deteriorate. Real GDP is projected to grow by 6.9% in fiscal year (FY) 2022-23 and 6.2% in FY 2023-24, despite a pick-up of corporate investment facilitated by the Production-Linked Incentive Scheme. While inflation will gradually decline, the current account deficit will widen due to the surge in energy import costs.

Going 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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2021 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

 

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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. 

Executive Summary

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