The International Monetary Fund (IMF) on Tuesday raised projections for India’s economic growth by 0.2 percentage points to 7.6 per cent for 2016-17 and 2017-18. The projections came in at a time when the Fund said global economic growth will be subdued this year, following a slowdown in the US and Britain’s vote to exit the European Union. It, however, retained global economic growth at 3.1 per cent for 2016 and 3.4 per cent for 2017.
In its World Economic Outlook, IMF also kept gross domestic product (GDP) expansion for China unchanged at 6.6 per cent in 2016, which would decelerate to 6.2 per cent in 2017. That way, India would keep its position of the fastest-growing large economy that it snatched from China in 2015-16.