India a bright spot in the world economy amid sluggish global growth - IMF

"India remains a bright spot. China is slowing down as it rebalances away from export-led growth. Countries such as Russia and Brazil are facing serious economic difficulties. Growth in Latin American countries, in general, continues to slow sharply," said Lagarde, Managing Director, International Monetary Fund.

The country's Finance Minister Arun Jaitley had recently said that all macroeconomic indicators including fiscal deficit and inflation appear positive and hoped that India's GDP growth would outperform the 7.3% rate of last year.

Meanwhile, Lagarde noted that there is "weaker activity in low-income countries, which will be increasingly affected by the worsening external environment. At the global level, there is still a drag on the economy because financial stability is not yet assured."

In spite of progress in recent years, financial sector weaknesses remain in many countries, and financial risks are now higher in emerging markets.

Citing the release of World Economic Outlook numbers next week, Lagarde said the world growth will likely be softer this year with only a modest acceleration expected in 2016.

"The good news is that we are seeing a modest pickup in advanced economies. The moderate recovery is strengthening in the Euro Area; Japan is returning to positive growth; and activity remains robust in the US and the UK as well," she said.