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 India's economy is forecast to grow 7% in the 2024/25 fiscal year from an estimated 7.3% in the current year that ends on March 31, the government said in its latest review on Monday.

The estimates come days before Prime Minister Narendra Modi's government presents its last budget before the country heads to a general election this summer.

Finance Minister Nirmala Sitharaman will present the budget on Feb. 1, factoring in the growth projections.

"The robustness seen in domestic demand, namely, private consumption and investment, traces its origin to the reforms and measures implemented by the government over the last ten years," the review said.

According to the government's first advance estimates, India's economy is seen growing at 7.3% in the current fiscal year, after growth of 7.2% in 2022/23 and 8.7% in 2021/22.

S&P Global Ratings expects India will remain the fastest-growing major economy for the next three years, putting it on track to become the world's third-largest economy by 2030, overtaking Japan and Germany.