New Delhi: The International Monetary Fund (IMF) on Wednesday pared India’s economic growth projection for 2013 by 10 basis points to 5.9%, citing a slower recovery of the world economy than it 
envisaged in its World Economic Outlook released in October 2012. IMF said the space for further policy easing has diminished in countries such as India and Brazil, while supply bottlenecks and policy uncertainty have hampered growth in such economies. The fund said while policy actions have lowered acute crisis risks in the euro area and the US, in the euro area, the return to recovery after a protracted contraction is delayed.
