If India can bring the coronavirus outbreak under control, its growth rate could bounce back to over 7% again in 2021, according to the International Monetary Fund's mission chief for India.

During its virtual spring meeting, the IMF predicted India would grow 1.9% for the fiscal year that ends on March 31, 2021— that will make it one of the few major economies, alongside China, expected to register an expansion despite the pandemic grinding large swathes of industries worldwide to a halt.

For the following fiscal year, IMF said it projected the Indian economy could grow 7.4%.

That forecast builds on the assumption that several things need to happen first — even as large uncertainties linger, Ranil Salgado told CNBC's "Squawk Box" on Monday.

"That's based on a control of the pandemic, first of all, ending the lockdowns, and then stimulus that is already (in place) in India, in terms of monetary policy, and some initial steps on fiscal policy as well," he said. "Finally, also, India gets a tailwind from the lower oil prices."