Indian to grow 7.5%, says IMF |
The International Monetary Fund (IMF) has forecast that the Indian economy will grow 7.2% in 2014-15 and 7.5% in 2015-16, driven by stronger investment, following improvements in the business climate. The Indian economy is a bright spot in the global landscape and is becoming one of the fastest-growing big emerging market economies in the world. The data was based on the GDP series that India has introduced and prompted IMF to revise upwards its forecasts from earlier 5.6% in 2014-15 and 6.4% in 2015-16. The revised numbers are lower than the government`s estimate of 7.4% in 2014-15 and 8.1-8.5% in 2015-16. IMF says the Indian economy is reviving, helped by positive policy actions that have improved confidence but called for steps to revitalize the investment cycle and accelerate structural reforms. The IMF also praised the revised method of measuring the economy that the Indian authorities have adopted but said it will continue to examine the improved methodology for deeper understanding of the country`s near and medium term growth.
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