IMF lowers India’s 2013 growth estimatehttps://indianexpress.com/article/news-archive/web/imf-lowers-indias-2013-growth-estimate/

IMF lowers India’s 2013 growth estimate

Finance ministry in its Quarterly Review said that the real GDP growth in 2013-14 is likely to be between 5 to 5.5 per cent.

The International Monetary Fund (IMF) has lowered its projection of India’s growth rate to 3.75 per cent in 2013 from 5.7 per cent estimated earlier. The IMF’s GDP at factor cost forecast,which is a part of its World Economic Outlook,pegged India’s growth at about 5 per cent in 2014.

“In India,growth in fiscal year 2013 is expected to be around 3.75 per cent (at market price),with strong agriculture production offset by lacklustre activity in manufacturing and services,and monetary tightening adversely affecting domestic demand,” the IMF report said.

Meanwhile,the finance ministry in its Quarterly Review said that the real GDP growth in 2013-14 is likely to be between 5 to 5.5 per cent with a rebound in economic activities starting from the second quarter of the fiscal.