Although India’s economic growth rate has been cut to 6.1 percent for the current fiscal year, it still remains “very strong” by global standards, International Monetary Fund’s (IMF) Deputy Research Director Gian Maria Milesi-Ferreti said on Tuesday.
He and IMF Chief Economist Gita Gopinath made optimistic projections for India’s economy to pick up next year while addressing a news conference for the release of the IMF’s World Economic Outlook (WEO) report in Washington.
According to the report, India and China with their projected growth rate of 6.1 percent for the current year share the top rank among major economies.
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India’s “overall growth remains very strong by the standards of the world economy even though it is lower than the very high standards to which we were accustomed to in looking at India,” Milesi-Ferreti said, adding that that a “growth rate above six percent is still notable and extremely important in a country that has such a large population”.
Source: siliconindia
