Mr Ghosn, who is Renault-Nissan Alliance's Chairman and CEO, said that 2013 was disappointing for the industry in India but 2014 should see slow recovery.

Eyeing India as a long-term growth market, US-based retail giant Walmart says it is currently focussing on expanding its wholesale retail business in the country and would wait for further clarity on rules for entering the multi-brand retail business.

The IMF chief said fighting corruption is important in all the countries where it exists.