India to grow at 7.5%: IMF

Washington, October 6 

Indian economy is expected to grow faster than other major emerging economies, the IMF said today, projecting a growth rate of 7.5% for India in 2016 as against China’s 6.3%. “Growth in India is expected to rise above the rates in other major emerging market economies,” the IMF said in its latest World Economic Outlook Update released here.

“India’s growth is expected to strengthen from 7.3% this year and last year to 7.5% next year. Growth will benefit from recent policy reforms, a consequent pickup in investment, and lower commodity prices,” it said.

On the other hand, growth in China is expected to decline to 6.8% this year and 6.3% in 2016.

Previous excesses in real estate, credit, and investment continue to unwind, with a further moderation in the growth rates of investment, especially that in residential real estate, it said.

Global growth for 2015 is projected at 3.1%, 0.3% point lower than in 2014, and 0.2% point below the forecasts in the July 2015. PTI