The World Bank has projected an 8% growth for India in 2010, which will make it the fastest-growing economy for the first time, overtaking China’s expected 7.7% growth.

The multilateral lender has revised upwards the growth rate for the Indian economy this year to 5.1% from an earlier projection of 4%, according to its Global Development Finance Report released on Monday. India has consistently outperformed growth forecasts by the World Bank in the past.

Barring a few countries, including India and China, the bank has cut 2009 growth projections for all other economies and expects the world economy to contract by 2.9% this year. Developing countries are expected to grow by only 1.2% this year.

The world bank has urged rich countries to boost the flow of credit to developing nations to help speed up economic recovery. This World Bank report compares with a more upbeat assessment by the International Monetary Fund, which said last week the decline in global output has moderated and it may raise its 2010 growth forecast for the world economy.

The faster growth rate of India is largely contributed by small export oriented houses as well. ZaaBiz congratulates all its members for the wonderful growth rate and hope they are able to outbeat all the expectations.

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