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However, RBI revised the GDP growth projection for the current fiscal sharply downward to 6.6% from the earlier estimate of 7.2%.
The electorate's disenchantment over price rise, unemployment and slow growth in salary income combined with the pull of coalition politics could determine the course of this government's financial plan.
Reserve Bank of India revised upwards the GDP growth to 7.2%
Commenting on the growth numbers, Prime Minister Narendra Modi said his government will continue to make efforts to keep fast economic growth.
In a world beset by economic volatility, India has managed to stay the course of high growth and succeeded in moderating inflation.
Gross domestic product, or GDP, growth of 7.6 per cent beat most estimates, including 6.5 per cent projected by the Reserve Bank of India (RBI).
According to SBI Research, a good portion of the drawdown from savings have gone to physical assets.
The federal government met targetted fiscal deficit of 6.4% of the gross domestic product, helped by higher tax revenue even as spending increased, as per a statement. The government will release the revised GDP estimate later in the day.
In a research report, the US-based rating agency said bureaucracy could slow approval processes in obtaining licences and setting up businesses, prolonging project gestation.
The growth rate for the third quarter of India's 2022/23 financial year was below a Reuters forecast of 4.6%.
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