India estimates its economy will grow by 7 to 7.5 percent in the fiscal year that starts April 1, making it the fastest-growing major economy in the world once again.

The projection is contained in the annual Economic Survey submitted to Parliament on Monday by Finance Minister Arun Jaitley. The survey is a report on the economy ahead of the annual budget, which is to be announced Feb. 1.

The government said growth in exports and investments will boost the economy next year after a sharp dip in growth in the first half of the current fiscal year.

The slowdown was blamed on the sudden cancellation of 86 percent of India's currency in 2016 and the chaotic implementation of a single goods and services tax.