The India Development Update for April 2015 has two main aims. First, it reports on the key developments over the past six months in Indias economy, and places these in a longer term and global context. Based on these developments and on policy changes over the period, it updates the outlook for Indias economy and social welfare. Second, the update provides a more in-depth examination of selected economic and policy issues, and analysis of medium-term development challenges. It is intended for a wide audience, including policymakers, business leaders, financial market participants, and the community of analysts and professionals engaged in Indias evolving economy.