IMF projects 7.3, 7.5 pc growth rate for India in 2018, 2019

WASHINGTON: The International Monetary Fund today projected a growth rate of 7.3 per cent in 2018 and 7.5 per cent in 2019 for India as against 6.7 per cent in 2017, making it the fastest growing country among major economies.

However, the latest growth rate projection for India is slightly less — 0.1 per cent in 2018 and 0.3 per cent in 2019 – than its April projections.

“India’s growth rate is expected to rise from 6.7 per cent in 2017 to 7.3 per cent in 2018 and 7.5 per cent in 2019, as drags from the currency exchange initiative and the introduction of the goods and services tax fade,” said the IMF’s latest World Economic Outlook (WEO) update.

“The projection is 0.1 and 0.3 percentage points lower for 2018 and 2019, respectively, than in the April WEO, reflecting negative effects of higher oil prices on domestic demand and faster than-anticipated monetary policy tightening due to higher expected inflation,” it said. (AGENCIES)

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