Executive Summary

• The Indian government has implemented two key initiatives in the past 12 months that have had a negative impact on the economy: demonetization of high-value bank notes and putting into action a new goods and services tax (GST) regime.
• In 1Q18, India’s GDP growth was 5.7%, the slowest in 13 quarters.
• Other economic indicators, such as the CPI and the unemployment rate, seem to tell a more positive story.