India growth projections marginally downgraded

Revising its economic outlook, International Monetary Fund (IMF) on Tuesday marginally brought down India's growth rate projections to 5.6 per cent for this fiscal and 6.3 per cent for the next financial year.

This was slightly lower by 0.2 and 0.1 per cent respectively than the previous forecast released by IMF in its report in April.

India's growth projections at 6.3 percent for 2014 and 5.6 percent for 2013 in the July update of IMF's World Economic Outlook are, respectively, 0.1 and 0.2 percentage points lower than forecast in the April 2013 WEO.

At 5 per cent in 2013 and about 5.5 per cent in 2014, growth in emerging market and developing economies as a whole would be some 0.25 percentage points slower, IMF said noting, "This embodies weaker prospects across all  regions."

This is less than forecast in the April 2013 World Economic Outlook (WEO), driven to a large extent by appreciably weaker domestic demand, slower growth in several key emerging market economies and a more protracted recession in the euro area.

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