Mumbai, July 24 (IBNS): The International Monetary Fund (IMF) on Tuesday said the growth rate of India will touch 7 percent for the current fiscal.
As per a statement released by Chief Economist Gopinath, India's growth rate to increase to 7.2 per cent next financial year.
"In our July update of the World Economic Outlook we are revising downward our projection for global growth to 3.2 percent in 2019 and 3.5 percent in 2020," Gita Gopinath wrote.
"While this is a modest revision of 0.1 percentage points for both years relative to our projections in April, it comes on top of previous significant downward revisions," she said.
The revision for 2019 reflects negative surprises for growth in emerging market and developing economies that offset positive surprises in some advanced economies.
She said: "Global growth is sluggish and precarious, but it does not have to be this way because some of this is self-inflicted. Dynamism in the global economy is being weighed down by prolonged policy uncertainty as trade tensions remain heightened despite the recent US-China trade truce, technology tensions have erupted threatening global technology supply chains, and the prospects of a no-deal Brexit have increased."
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