India: Recent Economic Developments

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.
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Volume/Issue: Volume 1998 Issue 120
Publication date: November 1998
ISBN: 9781451818604
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Business and Economics , Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , 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

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Summary

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.

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