IMF: Indian GDP to pick up 6.4 per cent

After the World Bank's upbeat assessment of the Indian economy, the International Monetary Fund has raised the country's growth forecast to 5.6% for 2014 from its earlier estimate of 5.4% on the back of effective policies and a renewal of confidence following the elections. The multilateral lender cut the global growth forecast and that for emerging market economies as a whole. ‘India has recovered from its relative slump, and, thanks in part to policy and a renewal of confidence, growth is expected to exceed 5% again,’ the IMF said, adding that the post-election recovery of confidence in India also provides an opportunity for the country to embark on much-needed structural reforms. The World Bank on Monday said India is set to grow by 6.4% in 2015-16 after a 5.6% expansion in 2014-15, benefiting from a 'Modi dividend', a direct reference to the Narendra Modi-led government at the centre, according to indiatimes.com