The Economic Times reported Saturday that India and China would be part of the seven nations subject to IMF reviews that would look at trade balances, government borrowing, and consumer savings and debt.
The other five nations to be reviewed will be Japan, Britain, France, Germany and the United States.
French Finance Minister Christine Lagarde said, "We have made huge progress in the framework for a more balanced and sustainable growth. We have completed step one."
The reviews will also include a look at capital flows and exchange rates.
An economic review that ties these together would be considered a coup for the United States that has long argued that China intentionally keeps the value of its currency low to maintain an advantage in international trade, The Wall Street Journal reported.
"Seven countries, clearly large economies, were filtered through the process to go to the second stage of analysis, and possibly some policy adjustments will be recommended for them," Lagarde said.