According to the International Monetary Fund, India is expected to grow at 6.3% in 2015 and 6.5% in 2016, crossing China’s projected growth rate. The main reason IMF quoting was promising government’s reforms.
In 2014, India’s growth rate was 5.8% against China’s 7.4%, as per the World Economic Report update released by the IMF. In 2013 however, India’s growth rate was 5% against China’s 7.8%.
The report also added that there will be a boost in global growth as the oil prices are getting lower. Global growth in 2015- 16 has been estimated at 3.5 and 3.7 per cent.
Knowledge is Wealth
The IMF was formed in 1944 at the Bretton Woods Conference and came into formal existence in 1945.
The Headquarters of IMF is Washington DC and the current Managing Director is Christine Lagarde.
The total number of member countries in IMF is 188.
The IMF’s India office is at New Delhi.