The forecast is in line with the average forecast among economists of 7.5 percent growth, according to a Bloomberg survey.
Nominally, growth of 7.4 percent would lift the country's production of goods and services to a value of 357,140 billion rupees (equivalent to 36,300 billion kronor).
China's GDP is roughly four times larger than India's, while the United States' is more than seven times larger, according to the International Monetary Fund's GDP calculations for last year.
