@Ch Vamsi Krishna (Tata Consultancy Services Limi) AFAIK, Querying ARM API to retrieve friendly display names is not possible. I would recommend you to navigate here and share your feedback or suggestions about ARM API directly with the responsible Azure feature team and clicking the vote button of your suggestion to raise visibility and priority on it.
Here are few options to get friendly display names.
1) Refer this is a document which lists the resource provider along with friendly display names.
2) Use Azure Resource Graph Explorer to get the list of resources along with friendly display names from portal. Kindly make sure that formatted results is turned off to view friendly display names.