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May 10, 2012, 02.34 PM IST
India's economy will likely grow 7.6 percent in the fiscal year 2012/13, Kaushik Basu, chief economic adviser in the finance ministry, said on Thursday.
The economy probably grew 6.9% in the previous fiscal year, its slowest in three years. The International Monetary Fund (IMF) has pared India's economic growth projection to 6.9% in 2012 from its January estimate of 7%, the only emerging economy for which it has done so. The Asian Development Bank recently said India’s growth will only marginally improve to 7% in 2012-13 from 6.9% a year ago. The Indian government has projected a growth rate of 7.6% for the year to March 2013. IMF increased world output growth projections by 0.2 percentage point to 3.5% for the year. The outlook for the global economy is slowly improving but is still fragile, it said in its World Economic Outlook released on Tuesday. According to Basu, there is a risk of another global economic crisis in 2014.
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