International Monetary Fund (IMF) said on Thursday that the growth of India's economy is "much weaker" than expected observing the uncertainty over the corporate and environmental regulatory and weakness seen in some non-Bank financial companies.

"Again, we will have a fresh set of numbers coming up but the recent economic growth in India is much weaker than expected, mainly due to corporate and environmental regulatory uncertainty and lingering weakness in some non-Bank financial companies and risks to the outlook are tilted to the downside, as we like to say," IMF spokesman Gerry Rice was quoted by ANI while speaking at a news conference.