According to IMF's projection, India is expected to grow at 7.8 per cent in 2018

India is set to grow at 7.4 per cent in the year 2018, the International Monetary Fund (IMF) said today. This growth percentage will make India the fastest growing country among emerging economies and it is expected to China's 6.8 per cent for the same period.

The figures were released in World Economic Outlook (WEO) update which was released in Davos on the sidelines of the World Economic Form (WEF) today.

The IMF said, the aggregate growth forecast for the emerging markets and developing economies for 2018 and 2019 is unchanged, with marked differences in the outlook across regions.

According to IMF projections, India will grow at 7.4 per cent and China at 6.8 per cent.

IMF also projected Asia's growth at around 6.5 per cent in 2018-19, which is broadly the same as the growth percentage of 2017.

Growth is expected to moderate gradually in China (though with a slight upward revision to the forecast for 2018 and 2019 relative to the fall forecasts, reflecting stronger external demand), pick up in India, and remain broadly stable in the ASEAN-5 region - IMF

In the last year, China was ahead of India, which earned China the tag of fastest growing economy.

With a growth percentage of 7.1 per cent, India was the fastest growing economy in the year 2016, but the growth rate dropped to 6.7 per cent because of demonetisation and GST.

Earlier this month, a top IMF official said that India is reclaiming its place as a growth leader.

"China alone is providing one-third of global growth. Japan has been growing above potential for several quarters," said the IMF First Deputy Managing Director David Lipton at the Asian Financial Forum in Hong Kong on January 15.

"India is reclaiming its place as a growth leader after a short slowdown. And the ASEAN-5 have gained momentum in response to higher investment and increased exports," Lipton had said.