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But many banks and brokerages expressed concern that disappointing monsoon rains, which end in September, will make it hard for farmers to contribute or benefit from the booming economy.
"We're betting on positives through manufacturing sector growth," says India strategist for JP Morgan Siddarth Mathur.
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He has kept a growth forecast of 7.5 to 8.0 percent this year.
But he said a farm growth forecast of 2.
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5 percent could be revised down because of the patchy monsoon which impacts almost two-thirds of India's 1.
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1 billion people and is crucial for lifting rural spending on consumer goods.
"The economic data shows strong growth going ahead.
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We will re-assess agricultural growth only after the monsoon season ends," he said.
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India's annual southwest monsoon whic