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India Economic Update, June 2011
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- World Bank.
- Series:
- Economic Updates and Modeling
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Accounting.
- Adverse Effects.
- Agriculture.
- Auctions.
- Bank Accounts.
- Bonds.
- Capital Flows.
- Commodity Prices.
- Consumers.
- Currencies and Exchange Rates.
- Debt Markets.
- Depreciation.
- Deregulation.
- Developing Countries.
- Development Policy.
- Domestic Debt.
- Economic Forecasting.
- Economic Growth.
- Expenditures.
- Finance and Financial Sector Development.
- Financial Crisis.
- Fiscal & Monetary Policy.
- Foreign Direct Investment.
- Gdp.
- Global Economy.
- Hedge Funds.
- Income Tax.
- Inflation.
- Information Technology.
- Investment Climate.
- Liberalization.
- Macroeconomics and Economic Growth.
- Market Forces.
- Marketing.
- Monetary Policy.
- Private Investment.
- Public Debt.
- Public Spending.
- Remittances.
- Slowdown.
- Surplus.
- Telecommunications.
- Uncertainty.
- Wages.
- Local Subjects:
- Accounting.
- Adverse Effects.
- Agriculture.
- Auctions.
- Bank Accounts.
- Bonds.
- Capital Flows.
- Commodity Prices.
- Consumers.
- Currencies and Exchange Rates.
- Debt Markets.
- Depreciation.
- Deregulation.
- Developing Countries.
- Development Policy.
- Domestic Debt.
- Economic Forecasting.
- Economic Growth.
- Expenditures.
- Finance and Financial Sector Development.
- Financial Crisis.
- Fiscal & Monetary Policy.
- Foreign Direct Investment.
- Gdp.
- Global Economy.
- Hedge Funds.
- Income Tax.
- Inflation.
- Information Technology.
- Investment Climate.
- Liberalization.
- Macroeconomics and Economic Growth.
- Market Forces.
- Marketing.
- Monetary Policy.
- Private Investment.
- Public Debt.
- Public Spending.
- Remittances.
- Slowdown.
- Surplus.
- Telecommunications.
- Uncertainty.
- Wages.
- Place of Publication:
- Washington, D.C. : The World Bank, 2011.
- System Details:
- data file
- Summary:
- In fiscal year 2010-11, India's economy has expanded at a rate close to that observed prior to the global financial crisis. However, growth in the second half of the year slowed, and the performance of industry and investment has been particularly disappointing. Despite some fiscal consolidation and monetary tightening, inflation has emerged as a serious concern because of its effects on the poor, who are usually less able to protect themselves against rising prices, and because of its dampening effects on long-term investment, which is sensitive to interest rate expectations. India's economic growth reached 8.5 percent, helped by a strong rebound of the agriculture sector because of good rains in the 2010 monsoon season against the near-drought conditions of 2009. On the external side, exports staged an extraordinary recovery and the current account deficit narrowed, while capital flows slowed driven by a pronounced decline in foreign direct investment. Foreign institutional investment remained robust, however, and external borrowing increased to compensate partially for the decline in Foreign Direct Investment (FDI). The rupee remained stable against the U.S. dollar but showed a small real appreciation against a 36-currency trade weighted index, and Reserve Bank of India foreign reserves increased to more than USD 310 billion. The central government budget deficit for FY2010-11 is estimated to have reached 6 percent of Gross Domestic Product (GDP), an important contraction from the widened fiscal stance of FY2009-10. Budget implementation benefited from higher-than-expected growth in nominal GDP and related higher tax intake; although the tax-to-GDP ratio is still significantly lower than in FY2007-08. The spending-to-GDP ratio, on the other hand, was reduced by 0.7 percent of GDP despite two supplementary demands for grants.
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