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 Reserve Bank, in its second bi-monthly monetary policy review for the current fiscal, said that the sharp rise in petroleum product prices is likely to impact disposable incomes.
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.
The Chinese GDP touched 19.88 trillion yuan (about 3.2 trillion US dollars) in the first three months of 2018.
"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.
Jio has made data accessible and affordable, with average prices per GB dropping to ₹10 from ₹152, bringing the internet within the reach of a larger proportion.
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.
The economy, said the survey for 2017-18, will grow on the back of major reforms which would be strengthened further in the next financial year.
The IMF estimates for India are slightly better than the World Bank’s estimate of 7.3% for the next fiscal year made earlier this month.
The government's priority is to ensure the gains reach the farmers and the growth is visible even in the farm sector, said Arun Jaitley.
Earlier, the country's GDP growth for the second quarter of the current fiscal ended September 30 was 6.3 per cent -- up from 5.7 per cent reported during the first quarter of 2017-18.
The Fed chair said it would be "very difficult" to achieve the 4% growth President Donald Trump has promised, expects economy to grow at a "moderate" pace in future years.
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