WASHINGTON: The International Monetary Fund (IMF) on Tuesday scaled up India’s economic growth rate by 1.3 percentage points to 7.7 per cent for 2010, saying it is bullish on the country’s growth story.

In its latest World Economic Outlook, IMF pegged India’s economic expansion at 7.8 per cent in 2011, up 0.5 per cent projected in the previous outlook.

“India is one of the countries we are very bullish about,” IMF economist Jorg Decresson told reporters.

Mr. Decresson said India has shown a very strong domestic economic recovery.

The IMF’s projected growth rate of the economy in this calendar year is quite higher, as the multi-lateral agency has pegged the economic expansion at 5.6 per cent in 2009.

In recent times, the economy has been showing remarkable upsurge, bolstered by the stimulus packages given by the government.

Experts baffled

Stunning most experts, the economy grew by 7.9 per cent in the third quarter of 2009 against a mere 6.1 per cent in the preceding quarter and 5.8 per cent in previous three months.

“Strong rebound”

“We have seen a very strong rebound [for India]... In the third quarter, the growth is already accelerated and we expect that to be maintained,” Mr. Decresson said. India has pegged its economic growth rate at 7.75 per cent this fiscal (which includes first three months of 2010). —PTI