New Delhi: At a time when the International Monetary Fund and the World Bank are projecting a negative growth forecast for India this year, the Central government on Tuesday stated that the country’s overall exports (Merchandise & Services combined) in April-September 2019-20 are exhibiting a positive growth of 1.93% over the same period last year.

“India’s overall exports (Merchandise & Services combined) in April-September 2019-20, estimated to be $267.21 billion, exhibiting a positive growth of 1.93% over the same period last year,” a release from the Ministry of Commerce and Industry stated.

The release further stated that the overall imports in April-September 2019-20, estimated to be $312.16 billion, are exhibiting a negative growth of 3.15% over the same period last year.

The ministry had in its April-August 2019-20 report stated that the country’s overall exports (Merchandise and Services combined), estimated to be $227.36 billion, exhibiting a positive growth of 3.20 per cent over the same period last year.

It had also stated that the overall imports in April-August 2019-20 estimated to be $268.24billion, exhibited a negative growth of 1.18per cent over the same period last year.

The statement from the ministry comes at a time when both the IMF and the World Bank are projecting the country’s downward growth forecast.

Earlier in the day, the IMF reduced India’s economic outlook growth projection to 6.1% in 2019 from 6.8% in 2018. The IMF has trimmed the growth forecast by 90 basic points. This is the second negative revision from the IMF in seven months and in total 120 basis points reduction.

Prior to this, the World Bank (WB) in its report projected India’s economic growth in the current fiscal at 6 per cent, lower than the Reserve Bank of India’s latest revised outlook of 6.1 per cent.

“In India, after the broad-based deceleration in the first quarters of this fiscal year, growth is projected to fall to 6.0 per cent this fiscal year,” said the report named ‘South Asia Economic Focus, Fall 2019: Making (De)centralization Work’.

As per the WB, the growth rate in 2018-19 stood at 6.9 per cent, down from 7.2 per cent in the financial year 2017-18, news agency PTI reported.