'India to clock nearly 8% GDP growth in 2016-17'

The PHD Chamber of Commerce says the country has benefited from lower energy prices and higher real incomes

India's economy is likely to clock nearly 8 per cent growth in the current fiscal on the back of robust private consumption, which has benefited from lower energy prices and higher real incomes, according to PHD Chamber of Commerce.

The Reserve Bank had retained its growth projection for 2016-17 at 7.6 per cent.

"Going ahead, growth in India is projected to notch up to 8 per cent in 2016-17. Growth will continue to be driven by private consumption, which has benefited from lower energy prices and higher real incomes.

"Further, with the revival of sentiment and pick-up in industrial activity, a recovery of private investment is expected to strengthen growth in the coming times," it said.

The chamber also estimated that India's share in world GDP has doubled from 1.43 per cent in 2000 to 2.86 per cent in 2015.

"India's GDP stood at $477 billion in 2000 and increased to $2,091 billion in the year 2015, showing more than four-fold increase over a period of 15 years," PHD Chamber President Mahesh Gupta said.

The BRICS nations account for about 42 per cent of the world's population, a quarter of the world's land area and a combined GDP of above $16 trillion.

"The BRICS economies (Brazil, Russia, India, China and South Africa) also contributed a significant share in the world GDP which increased from 8.27 per cent in 2000 to 22.53 per cent in 2015," Gupta said.