NEW DELHI—India’s Finance Ministry said Friday that the country’s economic growth could accelerate to as much as 8.5% in the coming fiscal year, which could make it the world’s fastest-growing large economy as China’s expansion continues to slow.

Officials cautioned, however, that recent changes in the way Indian-government statisticians estimate gross domestic product, which caused recent growth figures to be revised upward considerably, make it “difficult to objectively analyze” longer-term trends at present.

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