International Monetary Fund in its latest World Economic Outlook said, that India will overtake China as the fastest growing emerging economy in 2015-16 by clocking a growth rate of 7.5 per cent on the back of recent policy initiatives, pick-up in investments and lower oil prices. IMF said India's growth is expected to strengthen from 7.2 percent in 2014 to 7.5 per cent in 2015. IMF added China will witness a deceleration with growth rate sliding from 7.4 per cent in 2014 to 6.8 per cent in 2015 and 6.3 per cent a year after.Meanwhile, The World Bank has predicted 8 per cent GDP growth rate of India by 2017. The bank in its semi-annual report said, in India, GDP growth is expected to accelerate to 7.5 percent in fiscal year 2015 -16 and India's economic growth could reach 8 per cent in fiscal year 2017-18.