India's economy is likely to clock nearly 8% 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%.
"Going ahead, growth in India is projected to notch up to 8% 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% in 2000 to 2.86% in 2015. "India's GDP stood at USD 477 billion in 2000 and increased to USD 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% of the world's population, a quarter of the world's land area and a combined GDP of above USD 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% in 2000 to 22.53% in 2015," Gupta said.