Photo: PTINew Delhi: Noted economist and member of the Economic Advisory Council to the Prime Minister (PMEAC) Rathin Roy on Wednesday dismissed the lowering of India’s growth projections by the International Monetary Fund (IMF) and the World Bank, saying they often go ‘wrong’. While the IMF has lowered India’s growth forecast for the current fiscal by 0.5 percentage points to 6.7%, the World Bank has pegged economic expansion at 7%, down from 7.2% projected earlier. The Asian Development Bank (ADB) too lowered India’s current fiscal growth to 7% from 7.4%, while RBI cut economic growth forecast to 6.7% from earlier projection of 7.3%. “IMF’s growth projections are 80% wrong...World Bank’s growth projections are 65% wrong,” he said in a media interaction when asked to comment on lowering of growth projections by international multilateral lending agencies. India’s economic growth slipped to a three-year low of 5.7% in the first quarter of the current fiscal.

Source: Mint October 11, 2017 09:55 UTC