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Manufacturing and agriculture sector also recorded growth. India's GDP grew at the fastest pace in seven quarters at 7.7 per cent in January-March. The country, which is classified as "lower-middle income economy" with a GNI per capita of $1,455 in 2017 by the World Bank, is expected to clock a 6.7 per cent GDP growth in 2018.

Last year, it reported 6.1 percent growth in GDP for the fourth quarter of 2016-17.

However on yearly basis, the Indian economy grew at a four-year low of 6.7 per cent in 2017-18, down from 7.1 per cent in the previous fiscal. GVA (ex-agriculture and government services) eased to 7.2% from 7.4%, reflecting softness in some of the private services (trade and financial services). But others, including the government, are sticking to their earlier estimates. Capacity utilisation remains at 75 per cent, an indication that investment activity has picked up but not across sectors.

Rising oil prices could also weigh on the consumer demand, say economists.

Moving on, interim Finance Minister Piyush Goyal, said, "GDP has been increasing continuously every quarter with 7.7% Q4 GDP".

Moody's forecasted a 3.3 per cent and 3.2 per cent growth for G-20 countries in 2018 and 2019 respectively while claiming that the growth differential between emerging and advanced economies were set to broaden, with the advanced economies growing 2.3 per cent in 2018 and 2.0 per cent in 2019. The RBI's Monetary Policy Committee (MPC) meet is scheduled on June 4 and 5.

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It also highlighted an acceleration in rural consumption, higher minimum support prices and a normal monsoon to stabilize growth on the domestic front.

CII director general Chandrajit Banerjee said, "The significant expansion in GDP print has been powered by a broad-based upturn in farm output, improved manufacturing performance and a vibrant services sector".

"GDP and GVA growth for FY18 came in at 6.7% and 6.5% respectively, compared to CSO's GVA and GDP forecast for FY18 at 6.4% and 6.6% respectively".

About 40 percent of economists polled by Reuters expected a rate rise next week, driven by higher inflation at 4.58 percent in April, above the Reserve Bank of India's target of 4 percent for the sixth month in a row.

The quarterly gross value added stood at 7.6 percent for the January-March 2018 period.

The Indian government earlier this month sought assurances from Saudi Arabia, OPEC's biggest producer, that oil prices would remain "stable and moderate". Investors should continue to invest systematically in equities, with our preference being for large-cap funds.