India may grow at 8% this fiscal: PHD Chamber of Commerce

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 $477 billion (nearly Rs 31 lakh crore) in 2000 and increased to $2,091 billion (nearly Rs 139 lakh crore) in the year 2015, showing more than a 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  $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.