International Monetary Fund(IMF) has lowered India's growth forecast by 0.7 per cent to 6.1 per cent for 2012 — the steepest cut for any nation — in view of deteriorating global economic situation.The IMF, in its update of the World Economic Outlook, has also cut India's growth projection for 2013 by a similarmargin to 6.5 per cent. The IMF has reduced the global growth forecast for 2012 to 3.5 per cent from 3.6 per cent. For 2013, the growth forecast has been lowered to 3.9 per cent, from 4.1 per cent,indicating that there are harder times ahead for economies. As far as the emerging and developing economies are concerned, the growth projection for 2012 has been estimatedat 5.6 per cent, 0.1 per cent below the earlier forecast made three months ago.