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India will be the world's fastest growing economy for the second consecutive year in 2016 at 7.5 per cent, IMF today said, even as it lowered its current year global economy growth forecast to 3.3 per cent. In its World Economic Outlook Update released here, IMF retained India's growth projection for current year at 7.5 per cent which will be higher than China's 6.8 per cent. It forecast a growth rate of 7.5 per cent for India in 2016 as well, as against China's 6.3 per cent.