Indian economy is expected to grow faster than China’s economies, the IMF said. It projects a growth rate of 7.5 per cent for India in 2016 as against China’s 6.3 per cent. India’s growth is expected to strengthen from 7.3 per cent this year and last year to 7.5 per cent next year. On the other hand, growth in China is expected to decline to 6.8 per cent this year and 6.3 per cent in 2016.
Growth will benefit from recent policy reforms, a consequent pickup in investment, and lower commodity prices. According to the report, in India, inflation is expected to decline further in 2015, reflecting the fall in global oil and agricultural commodity prices.
About IMF:
- Full Form: International Monetary Fund
- HeadQuarter: Washington D.C.
- Aim: to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
- Formation: 27th December 1945
- Membership:
- Founding Countries: 29
- To date(Present number): 188
- Managing Director: Christine Lagarde.
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