(MENAFN) The International Monetary Fund (IMF) expects that the Indian economy's growth will contract by 3.8 percent in 2013 as the country tries to restore investor confidence, Times of Oman reported.
The fund said it lowered the country's growth forecast by two percentage points because of the weak activity in the manufacturing and services sectors and high interest rates that discouraged borrowing by businesses.
However, the IMF expects that the country's economic growth will be at 5 percent next year due to strong exports.
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