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"We expect GDP growth of about 7.3 per cent in 2018, down from our previous forecast of 7.5 per cent", the report said.

Commenting on data, Finance Secretary Hasmukh Adhia said, "The constant increasing trend of quarterly GDP numbers in the four quarters of 2017-18 at 5.6 per cent, 6.3 per cent, 7 per cent and 7.7 per cent indicates that the structural measures of reforms undertaken by government is now bringing rich dividends in the form of higher GDP growth rate".

India's GDP or gross domestic product growth accelerated to 7.7 per cent in the March quarter - the fastest pace of growth in seven quarters.

The farm sector also grew at a healthy rate of 4.5 per cent, while construction activity, powered by government investments in the highways sector, clocked a double digit growth of 11.5 per cent to give a fillip to the economy. Cambodia's growth rate for 2018 is expected to be 6.9 per cent, which is more or less consistent with its growth rate of 2017 (6.8 per cent) and 2016 (7 per cent). It may be noted that the Q4 estimate was higher than 7 per cent in Q3FY18.

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The rate is higher against 5.6 percent, 6.3 percent and 7.0 percent respectively, in the first three quarters, Q1, Q2 and Q3 of 2017-18. The government's Economic Survey, issued in January, estimated that every $10 per barrel rise in global oil prices cuts growth by 0.2-0.3 percentage points.

He said he did not see any correlation between oil prices and GDP growth and the fiscal deficit would remain as per the targets. Moreover, the improvement in the construction GVA growth in Q4 FY2018 benefitted from the base effect, given the issues related to demonetisation, including the availability of labour, Nayar said. India's growth performance in the third quarter and fourth quarter implies that these shocks have worn off considerably, stated ANZ. The International Monetary Fund expects economic growth could reach 7.4 percent in 2018/19. However, the ability of the public sector banks to support lending growth, the risk of monetary tightening and trade wars, and the impact of higher crude oil prices on purchasing power of consumers and corporate earnings have emerged as risks. Higher oil prices have already pressured the rupee, near a record low last week and Asia's worst performer.

With the release of the latest figures, the country has again retained fastest-growing economy tag once again in the January-March quarter.

GDP growth in 2018-19 could get a boost from prospects of good monsoon, potentially brightening the outlook for agricultural output.