IMF trims India's growth forecast to 6.7%

China to pip India for fastest-growing major economy tag

The International  Monetary Fund (IMF) has raised its projection for economic growth of major economies, but it drastically scaled down the one for India by 0.5 percentage points to a four-year low of 6.7 per cent for 2017-18 due to demonetisation and the goods and services tax (GST). At this rate, India will lose the tag of the fastest-growing major economy, to be pipped by China, which is projected to grow by 6.8 per cent in 2017.

India’s economy grew 5.7 per cent in the first quarter of the year, which means that the economy has to roughly grow at over