The growth was 8.2 per cent in 2016-17, the year in which the government demonetised high-denomination currency notes of Rs 500 and Rs 1,000.
Earlier, the CSO in its advance estimate had pegged the GDP growth rate for 2018-19 at 7.2 per cent.
India forecasts 2018-19 GDP growth at 7.2% vs 6.7% provisional growth in 2017-18
India's GDP growth rate declined to 7.1 per cent during the July-September quarter, compared to April-June's 8.2 per cent, the official data had revealed on Friday.
The government data released Friday shows India's economy grew at 7.1 per cent in July-September, lowest in three quarters.
CII President Rakesh Bharti Mittal noted that GST, reforms in Ease of Doing Business, FDI, labour, agriculture, and many other initiatives aimed at improving the overall investment climate.
According to the global financial services major, dissipating base effects, tighter financial conditions and limited fiscal headroom will come together to moderate growth this fiscal.
Garg also expressed the hope that the country will meet its fiscal deficit target of 3.3 per cent and said both oil price hike and rupee depreciation are temporary.
As per the RBI, the growth would be in the range of 7.5-7.6 per cent in first half of the fiscal and 7.3-7.4 per cent in October-March 2018-19 period "with risks evenly balanced".
The prime minister further said that his government has taken steps in last four years to ease the process of doing business in India while maintaining macroeconomic indicators like inflation, current account deficit (CAD) and fiscal deficit within limits.
Observing that the Indian economy has grown at a healthy rate of 7.7 per cent in the fourth quarter of 2017-18, Modi said the challenge now is to take this growth rate to double digits, which requires more important measures.
The Asian Development Bank (ADB) has projected India to remain the fastest growing Asian nation with 7.3 per cent growth in 2018-19, and 7.6 per cent in 2019-20.
"This is based on strengthening demand in the rural economy, including agriculture and non-farm activities, as well as better global growth climate," CII President Rakesh Bharti Mittal said.
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Several factors, RBI said, are expected to accelerate the pace of economic activities in the year.
With this, India has reclaimed the status of fastest-growing major economy in the world, surpassing China which grew by 6.8% in the October-December period.
India's GDP growth in the third quarter of the current fiscal is likely to be in the range of 6.5-7 per cent and may expand further in following three months, said a SBI research report.
The real GDP or GDP at constant (2011-12) prices for the years 2016-17 and 2015-16 stands at Rs 121.96 lakh crore and Rs 113.86 lakh crore respectively, showing growth of 7.1 per cent during 2016-17 and 8.2 per cent during 2015-16, the CSO said.