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.
Publication date: November 1998
ISBN: 9781451818604
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International - Economics , International - Economics , tax revenue , commercial banks , foreign currency , direct investment , foreign direct investment

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