IMF lowers India's growth forecast

The International Monetary Fund (IMF) has lowered India's growth forecast by 0.7% to 6.1% for the year 2012, in view of deteriorating global economic situation. The IMF also cut India's growth projection for 2013 to 6.5%. Deputy chief of the Planning Commission, Montek Singh Ahluwalia, however, refused to comment on the matter. The IMF cut the projected world economic growth of this year and the next, urging global policymakers to take bold actions to boost growth. IMF chief economist, Olivier Blanchard, has said that although the risk for global economic growth was rising, global recession would not happen.