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IMF: India to grow at 5.6% in 2013
July 10, 2013, 9:19 am


IMF data suggests that India will grow 6.3 per cent in 2014 [AP]

The International Monetary Fund has lowered India’s growth rate projections for this year by 0.2 per cent.

According to the IMF’s new data the Asian nation will grow at 5.6 per cent this year and 6.3 per cent in 2014.

Global growth this year is projected to be the same as 2012 figures – slightly above three per cent.

“Global growth increased only slightly from an annualised rate of 2.5 per cent in the second half of 2012 to 2.75 per cent in the first quarter of 2013 instead of accelerating further as expected at the time of the April 2013 WEO [World Economic Outlook],” the IMF said.

The report said recession in the euro area was deeper than expected, and the US economy expanded at a weaker pace.

IMF data also showed that emerging economies have underperformed.

Meanwhile, the Indian Prime Minister Manmohan Singh will meet industry leaders later this month to discuss the rupee fall and measures to correct a wide current account deficit, according to a government statement.

The Indian Finance Minister P Chidambaram arrived in Washington on Tuesday night to address US concerns on India’s economic policies.

Source: Agencies

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