what’s going on (as of late 2025) with International Monetary Fund (IMF), India — and how this relates (or doesn’t) to Russia. There isn’t a single “India-Russia-IMF monitoring review”, but there are separate developments around India (with IMF) and ties between India and Russia —
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✅ What’s new with IMF–India (2025)
The IMF recently concluded its 2025 Article IV Consultation with India. The IMF Executive Board praised India’s “very strong economic performance and resilience.”
Some key positives for India from the IMF: real GDP growth was 6.5% in FY2024/25, and in the first quarter of FY2025/26 it surged to 7.8%.
Inflation has eased (helped by softer food prices), financial and corporate sectors remain stable with healthy capital buffers and low non-performing assets.
IMF projects growth at 6.6% in FY26 and then 6.2% in FY27, assuming continued external pressures (e.g. high US tariffs).
The IMF also urged New Delhi to push ahead with structural reforms — especially improving human capital, boosting labour force participation (including women), and strengthening public-investment and business environment.
On data transparency / reliability:
The IMF retained a “C” grade for India’s national accounts (including GDP data). That means the IMF sees “some shortcomings” — methodological / data-quality / coverage issues that “somewhat hamper surveillance”. Other statistical categories (fiscal, external, monetary/financial) got “B”.
The IMF recommended revising base years, improving price indices, better coverage of informal sectors, faster release of combined Centre–State fiscal data, and conducting the overdue population census.
On currency / forex regime:
Perhaps most notably: the IMF reclassified India’s “de-facto” exchange-rate regime as a “crawl-like arrangement” (moving away from “stabilised arrangement” earlier). That reflects that the rupee is now showing more two-way (both upward and downward) movement, with the central bank — the Reserve Bank of India (RBI) — intervening, but the pattern resembles a “crawl-like” soft-peg rather than a fixed peg or a fully floating currency.
The IMF argued that more flexibility in exchange rate can help India absorb external shocks while lowering the burden on foreign-exchange reserves.
Key takeaway (from IMF side): India’s macro fundamentals are strong, but structural reforms and better data transparency remain important. The shift in forex-regime classification signals that the IMF sees India as gradually moving toward more market-driven currency adjustments (with occasional central-bank support), which is seen as more sustainable in a volatile global environment.
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🔎 What about Russia + IMF — and India–Russia links
Regarding Russia: The IMF had scheduled a mission to Russia (its first since the 2022 Ukraine war) but postponed consultations — reportedly due to political and technical complications, and strong objections from some Western countries.
So as of now, there is no recent IMF “monitoring review” for Russia publicly completed. The planned mission was called off / delayed.
Regarding India–Russia bilateral ties (outside IMF): India remains a major importer of Russian oil and continues to cooperate in defence, energy, and trade. There have been policy moves toward rupee–ruble settlement mechanisms, trade diversification (e.g. not just oil but also fertilizers, exports from India to Russia), and plans to expand economic cooperation.
However, even as India deepens cooperation with Russia, India’s IMF-guided macroeconomic policies and the IMF’s surveillance focus remain primarily on India’s domestic economic performance — not bilateral geopolitics or defence ties.
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⚠️ Why there’s no unified “India–Russia–IMF review” (and why that's important)
The IMF’s surveillance and Article IV consultations are country-specific. That means each member (e.g. India, Russia) is reviewed separately based on its own economic data, policies, and risks.
Because Russia’s last review was postponed, there's no recent official IMF assessment of Russia — at least not public.
The IMF does not undertake dual-country “joint reviews” of bilateral ties; its mandate is macroeconomic and financial surveillance per member state. Therefore, discussions on India–Russia ties fall outside IMF’s standard monitoring framework.
In short: the “IMF review” you hear about right now refers to India alone. Russia’s IMF-review process remains stalled. Any developments in India–Russia relations are independent of the IMF’s current surveillance cycle.
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🎯 What this means for India now (especially in context of ties with Russia)
India gets a relatively strong “clean bill” from IMF on macro-economy: good growth, stable inflation, resilient financial sector. That underlines New Delhi’s economic fundamentals — even as it engages more with Russia on trade/energy/defence.
The shift to a “crawl-like” forex regime could imply more volatility in rupee — which could affect import costs, foreign investment flows, and India’s external balance. Given that India imports significant volumes of Russian oil and commodities, currency fluctuations could impact the cost-benefit calculations of such trades.
The IMF pressure for structural reforms and better data transparency remains relevant — regardless of external geopolitical liaisons — because long-term growth depends on domestic policy stability.
concise snapshot table capturing India–IMF 2025 review, Russia–IMF status, and India–Russia economic linkages in one view.
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🇮🇳–🇷🇺–IMF Snapshot (2025)
1. India: IMF Monitoring Review (2025)
Area IMF Observation Implication for India
Growth GDP 6.5% in FY25; 7.8% in Q1 FY26 One of the fastest-growing major economies
Inflation Easing due to food supply stability Positive for households & RBI policy space
Financial Sector Strong banks, low NPAs Healthy credit cycle; stable system
Fiscal Position Needs tighter discipline Keep deficit in control for rating stability
Data Transparency GDP data rated C-grade Need upgrades: census, informal sector mapping
Exchange Rate Regime Reclassified to “crawl-like arrangement” Rupee allowed more two-way movement; RBI still manages volatility
Reform Priorities Labour, human capital, investment climate Needed for long-term productivity growth
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2. Russia: IMF Status (2025)
Area IMF Status Implication
Article IV Consultation Postponed / not conducted since 2022 No fresh IMF economic assessment available
Geopolitical Barrier Western objections hinder IMF mission Russia operates largely outside IMF surveillance
Economic Signals (unofficial) Oil-driven resilience + sanctions pressure IMF cannot formally comment due to lack of review
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3. India–Russia Economic Relationship (outside IMF)
Domain Status (2025) Link to IMF Review
Oil Trade Russia = major crude supplier to India Rupee volatility (IMF-classified crawl-like regime) affects settlement costs
Payments / Rupee–Ruble Attempts to expand bilateral settlement IMF review independent; India free to choose partners
Defence & Energy Cooperation deepens IMF doesn’t interfere — except through macro risk evaluation
Trade Diversification Fertilizers, machinery, pharma rising Stable Indian economy strengthens bilateral trade position
🔎 Key Takeaways in One Line Each
IMF sees India as strong but needing structural upgrades.
Russia has no new IMF review—mission remains postponed.
India–Russia partnership continues, but IMF evaluations concern only India’s macro fundamentals.
Rupee’s new “crawl-like” classification impacts the cost of India’s imports from Russia.
Data transparency and reforms are India’s main IMF-linked challenges.