IMF: Despite slowdown, India retains fastest growing tag alongside China

New Delhi: At a time when the economic condition of the country is going through a tough phase, the International Monetary Fund (IMF) on Tuesday reduced India’s economic outlook growth projection to 6.1% in 2019 from 6.8% in 2018. The IMF has trimmed the growth forecast by 90 basic points. This is the second negative revision from the IMF in seven months and in total 120 basis points reduction.

The IMF in its April report had stated that India will grow at 7.3 per cent in 2019. However, three months later it projected a slower growth rate for the country.

The announcement from the IMF comes two days after the World Bank (WB) in its report projected India’s economic growth in the current fiscal at 6 per cent, lower than the Reserve Bank of India’s latest revised outlook of 6.1 per cent.