The International Monetary Fund (IMF) has lowered its projection for India's economic growth for the current year, saying slow approvals for new projects and sluggish structural reforms would heart hurt economic growth of the country.

IMF's World Economic Outlook, released on Tuesday, projected that India's economic growth would weaken to 4.9 per cent in the financial year of 2011-12, 1.3 per cent down from the international lender's earlier projection of 6.2 per cent for the same year. It is the biggest decline in growth projection for any country for current year.

However, the report added that the outlook for India's economic growth was unusually uncertain.

Mentioning the uncertainty, the report said that with weak growth in the first six months of the year and ongoing investment slowdown, real GDP growth was projected to be 5 per cent, but improvement in conditions helped by a range of recently announced reforms could raise GDP growth to around 6 per cent in 2013.

For fiscal year of 20012-13, growth projection for Indian economy has been hacked from 6.6 per cent to 6 per cent.

For China, IMF reduced growth projection by 0.2 per cent to 7.8 per cent. As far as the world economy is concerned, it also slashed projection for the global output growth by 0.2 per cent to 3.3 per cent for the current year.