India is holding on to its crown as the world’s fastest-growing major economy with the International Monetary Fund (IMF) projecting it to grow at 7 per cent during the current calendar year. IMF’s flagship biannual report, the World Economic Outlook Update, released today projected India’s gross domestic product to moderate in the next calendar year to 6.4 per cent.

The report said, the projected performance of Indian economy is supported by strong momentum in private consumption and services activity.

India’s growth projections are more than twice the global numbers, as the report gave a 3 per cent projection for the world economy’s growth this year. The report presented a relatively positive outlook for the world economy growth, as it is expected to rise 3.4 per cent next year.

China, which is the second fastest-growing economy, was projected to grow by 4.6 per cent this year and lose a half point, falling to 4.1 per cent next year.

The US ranked third with a projected growth of 2.3 per cent this year and 2.2 per cent next year.