IMF Revises India''s GDP Forecast To 9%

Buoyant global economic outlook has prompted the International Monetary Fund (IMF) to revise upward India''s Gross Domestic Production (GDP) growth rate by 0.6 per cent to 9 per cent for 2007.

Major upward revision has been made for emerging markets with growth projection for China, India and Russia being raised substantially, IMF said in its update on the World Economic Outlook (WEO) on Wednesday.

IMF had revised India''s GDP forecast to 9 per cent over the projection made in April this year. The WEO update has also revised the growth forecast for 2008 by 0.6 per cent to 8.4 per cent.

The Economic Advisory Council to the Prime Minister, headed by former Reserve Bank Governor C Rangarajan, had on July 16 pegged the country''s economic growth rate at 9 per cent in 2007-08.

The RBI, however, in its Annual Policy Statement had projected a growth rate of 8.5 per cent. India has recorded a GDP growth rate of 9.4 per cent during 2006-07.

IMF has also revised the forecast for world economic growth to 5.2 per cent, up by 0.3 per cent from the projection made in April.The growth rate for China, however, has been revised by 1.2 per cent to 11.2 per cent and for Russia by 0.6 per cent to 7 per cent.