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The report said the Indian economy will grow 7.7 per cent in 2015 and 8 per cent in 2016.
The IMF has said India should keep its monetary policy tight as underlying inflationary pressures and upside risks remain.
India’s central bank last week cut borrowing costs for a second time this year.
New Delhi has expressed concern at the arrest of a former president.
The Central Bank will aim to lower inflation to 6 per cent by January 2016.
The Central Bank will aim to lower inflation to 6% by Jan 2016 and further to around 4% by March next year.
GDP growth for 2015-16 is seen at between 8 - 8.5 per cent.
The BRICS combined GDP grew 300 per cent in the last decade as opposed to 60 per cent growth registered by the developed world.
New Delhi is a top market for defence hardware and India buys about 60 per cent of its arms needs from Russia.
The deal would enable Sri Lanka to receive training from India for its nuclear program.
