IMF calls for urgent action by India

India's government must take steps quickly to reverse the economic slowdown of an economy that has been one of the engines of global growth, the International Monetary Fund said.

Declining consumption and investment, and falling tax revenue, have combined with other factors to put the brakes on one of the fastest growing economies in the world, the IMF said in its annual review.

After lifting millions out of poverty 'India is now in the midst of a significant economic slowdown,' Ranil Salgado, of the IMF Asia and Pacific Department, told reporters.