In its World Economic Outlook Update released here, IMF retained India's growth projection for current year at 7.5 percent which will be higher than China's 6.8 percent. It forecast a growth rate of 7.5 percent for India in 2016 as well, as against China's 6.3 percent.

China was the fastest growing economy in 2014 at 7.4 percent as against India's 7.3 percent, as per the IMF data.     IMF's growth projection for India, however, is lower than the estimates of the Indian Finance Ministry and the Reserve Bank of India. The Finance Ministry expects GDP growth to be 8-8.5 percent in 2015-16, while the Reserve Bank of India has estimated it at 7.6 percent.

For India, IMF follows data for fiscal year ending March while for other countries it considers the December-ending periods. In case of both India and China, IMF has retained the projection made earlier in April, while it has lowered global growth forecast from 3.5 percent to 3.3 percent for 2015. The global growth projection for 2016 has been retained at 3.8 percent.

"Global growth is projected at 3.3 percent in 2015, marginally lower than in 2014, with a gradual pickup in advanced economies and a slowdown in emerging market and developing economies. In 2016, growth is expected to strengthen to 3.8 percent," the report said.

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