Press Esc to close
Saturday 30 August 2014
News updated at 12:07 AM IST
Weather
Max: 25.6°C
Min : 19.7°C
In Bangalore
Generally cloudy

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
Union Railway Minister Sadananda Gowda during a visit to Ernakulam railway station in Kochi ...

Union Railway Minister Sadananda Gowda during a visit to Ernakulam railway station in Kochi ...

Bomb Squad members checking a suspected bag found at Bandra Station in Mumbai ...

Bomb Squad members checking a suspected bag found at Bandra Station in Mumbai ...

Red Cross workers walk through an Ebola hit area  in Monrovia, Liberia ...

Red Cross workers walk through an Ebola hit area in Monrovia, Liberia ...

Models take part in awareness campaign 'Save Ganga and Green India' in Bhopal ...

Models take part in awareness campaign 'Save Ganga and Green India' in Bhopal ...

Siddaramiah presenting kit to a beneficiary  during launch of 'Pradhan Mantri Jan-Dhan Yojana' ...

Siddaramiah presenting kit to a beneficiary during launch of 'Pradhan Mantri Jan-Dhan Yojana' ...

Ganesh idol made of dry fruits ahead of Ganesh Chaturthi festival in Mumbai ...

Ganesh idol made of dry fruits ahead of Ganesh Chaturthi festival in Mumbai ...

A young girl viewing Ganesh statues for sale on the eve of the Ganesh Chaturthi in Jaipur ...

A young girl viewing Ganesh statues for sale on the eve of the Ganesh Chaturthi in Jaipur ...

Team owners Sachin Tendulkar and Ranbir Kapoor during the launch of Indian Super League ...

Team owners Sachin Tendulkar and Ranbir Kapoor during the launch of Indian Super League ...

John Abraham, signs a football during the launch of the Indian Super League, in Mumbai ...

John Abraham, signs a football during the launch of the Indian Super League, in Mumbai ...

Founding chairperson Nita Ambani at the launch of the Indian Super League in Mumbai ...

Founding chairperson Nita Ambani at the launch of the Indian Super League in Mumbai ...

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