Press Esc to close
Tuesday 25 November 2014
News updated at 3:23 AM IST
Weather
Max: 0°C
Min : 0°C
In Bengaluru
Sunny day

India rejects IMF's 3.75% growth view

New Delhi, Oct 9, 2013, PTI:
Anand Sharma

Govt on Wednesday rejected IMF's growth projections of 3.75 per cent for the current fiscal as "pessimistic", saying that the economy is turning around and the GDP expansion will exceed 5 per cent.

"I reject the IMF numbers. The Indian economy is seeing turnaround both in terms of growth in manufacturing and domestic demand and a buoyancy in exports," Commerce and Industry Minister Anand Sharma said in a statement.

Expressing similar views, Planning Commission termed the projections as "pessimistic" and said that Indian economy will grow at a rate higher than 5 per cent this financial year.
Planning Minister Rajeev Shukla said, "The lowering of economic growth forecast to 3.75 per cent this year by the IMF is a pessimistic projection. The economy will grow at over 5 per cent this fiscal."


The International Monetary Fund (IMF), in its latest World Economic Outlook, projected an average growth rate of about 3.75 per cent in market prices for India in 2013-14, which is expected to pick up to 5.1 per cent next year.

India's GDP growth slowed to 5 per cent in the year ended March 2013 from an average of 8 per cent over the past decade.

Sharma said that due to increase in exports and decline in imports, trade deficit has reduced significantly.

"It is encouraging to see that trade deficit is also progressively coming down," he said in a statement. India's exports grew 11.15 per cent in September and imports declined 18.1 per cent taking the trade deficit to 30-months low of $6.76 billion.

Go to Top

Photo Gallery
Bengaluru pride march for freedom, equality, justice

Bengaluru pride march for freedom, equality, justice

Asia Cup Championship for Deaf 2014

Asia Cup Championship for Deaf 2014

Kashmiri Pandit's protest against Jammu Police

Kashmiri Pandit's protest against Jammu Police

Bridal Fashion show of Trousseau week by Mirrors and Within, Latha Puttanna (Shristhi), Apranje

Bridal Fashion show of Trousseau week by Mirrors and Within, Latha Puttanna (Shristhi), Apranje

Winter Session of Parliament

Winter Session of Parliament

Mercedes F1 driver Lewis Hamilton of Britain celebrates after winning the Abu Dhabi F1 Grand Prix

Mercedes F1 driver Lewis Hamilton of Britain celebrates after winning the Abu Dhabi F1 Grand Prix

Winners of Delhi Half Marathon 2014

Winners of Delhi Half Marathon 2014

Elderly women take part in Tug-of War during annual month long sports competition...

Elderly women take part in Tug-of War during annual month long sports competition...

A tigress in a playfull mood at the Maharajbag Zoo in Nagpur, Maharashtra...

A tigress in a playfull mood at the Maharajbag Zoo in Nagpur, Maharashtra...

Indian Air Force (IAF) Sukhoi Su-30 fighter aircrafts make a formation in the shape...

Indian Air Force (IAF) Sukhoi Su-30 fighter aircrafts make a formation in the shape...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523