<p>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. <br /><br /></p>.<p>"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. <br /><br />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. <br />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." <br /><br />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. <br /><br />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. <br /><br />Sharma said that due to increase in exports and decline in imports, trade deficit has reduced significantly. <br /><br />"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. <br /></p>
<p>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. <br /><br /></p>.<p>"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. <br /><br />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. <br />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." <br /><br />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. <br /><br />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. <br /><br />Sharma said that due to increase in exports and decline in imports, trade deficit has reduced significantly. <br /><br />"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. <br /></p>