The International Monetary Fund (IMF) has scaled up projections for India's economic growth a tad by 0.1 percentage points at 7.5 per cent for 2019-20, even as it cut the same for the global growth by 0.2 percentage points at 3.5 per cent for 2018.
The IMF’s database also suggested that India’s contribution to world growth has increased from 7.6 per cent during 2000-2008 to 14.5 per cent in 2018.
For the current financial year, it retained the country's growth forecast at 7.3 per cent, 0.1 percentage higher than pegged by advance estimates. The IMF said the economy is poised to pick up in 2019-20, benefiting from lower oil prices and a slower pace of monetary tightening than previously expected, as inflation pressures ease.
India retained the fastest growing large economic growth tag as its nearest rival China is projected to have grown 6.6 per cent in 2018 and 6.2 per cent in 2019.
The IMF further said it expected India to grow 7.7 per cent in 2020-21, suggesting that the economy is likely to witness gradual recovery.