Washington: India's economic growth is "much weaker" than expected, according to the IMF, which attributed it to the corporate and environmental regulatory uncertainty and lingering weaknesses in some non-bank financial companies. India's GDP growth rate slipped to 5 per cent in the first quarter of 2019-20, the lowest in over six years, according to latest official data. The International Monetary Fund (IMF) in July projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3 per cent for both the years, saying its Gross Domestic Product (GDP) will now grow respectively at the rate of 7 per cent and 7.2 per cent, reflecting a weaker than expected outlook for domestic demand.

However, India will still be the fastest growing major economy of the world and much ahead of China, the Washington-based global financial institution had said.