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The GDP growth during the third quarter of the fiscal was at 7 per cent.

However, the economic growth slows to 6.7 per cent in 2017-18 compared to 7.1 per cent in 2016-17.

In its release, the Central Statistics Office (CSO) reported a growth rate 7.7 percent in Gross Domestic Product (GDP) for the fourth quarter (January-March) of 2017-18 on Thursday.

"So manufacturing at 9.1 per cent and construction at 11.5 per cent indicate a turnaround in the economy which going forward would also give a big momentum to growth", he said.

Meanwhile, Finance Secretary Hasmukh Adhia said the constant increasing trend of quarterly GDP numbers in FY18 (at 5.6 per cent, 6.3 per cent, 7 per cent and 7.7 per cent) indicated that the structural reforms undertaken by the government were "now bringing rich dividends".

The Philippines, whose medium-term growth outlook has been termed "positive" by the World Bank, is going to have the same growth rate as a year ago (6.7 per cent).

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.

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The role of fiscal policy was also clear in government consumption data that saw a growth of 16.8 percent year-on-year. Manufacturing and agriculture sector also recorded growth.

Unless the Centre restricts the pass-through of fuel price increases by reducing excise duties, India may once again end up in an unenviable situation of falling growth and rising inflation.

GVA includes taxes but excludes subsidies. "So we at this moment feel that we should retain (the growth estimate)", he said. "The banking sector remains in a fragile state, and such problems have the potential to derail the ongoing growth recovery".

Economists are predicting a further pick-up in activity during the current financial year on the back of higher consumption demand, a stable GST and a surge in investment towards end of the year. 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. India meets 80 per cent of its oil needs from imports.

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

Forecasts ranged from 6.9 to 7.7 percent. "We should however be wary of the headwinds the economy faces in the coming quarters from higher crude prices feeding into inflation and rising inflation expectations".