NEW DELHI, Apr 24: Indian economy will grow by 8 per cent in the current fiscal 2016?17, driven by private consumption which has benefited from lower energy prices and higher real incomes, said the leading Industry Chamber. ”In the post crisis period, the performance of Indian economy is not bad as the economy is still progressing in the world economic system,” said Dr Mahesh Gupta President PHD Chamber in an official statement. India’s share in world GDP (doubled) increased from 1.43 per cent in 2000 to 2.86 per cent during the fiscal year 2015. India’s GDP stood at USD 477 billion in 2000 and increased to USD 2091 billion in the year 2015 showing more than fourfold increase over a period of 15 years, he added. The BRICS countries including Brazil, Russia, India, China and South Africa accounts for about 42 per cent of the world’s population, a quarter of the world’s land area and a combined GDP of above US 16 trillion dollars. The BRICS economies also contributed a significant share in the world GDP which increased from 8.27 per cent in 2000 to 22.53 per cent in last year, he stated. Besides this, the volume of GDP of all the BRICS economies has increased significantly since 2000 and particularly post 2008 crisis. India, on the other hand, has performed phenomenally well if observed from the trend in its volume of GDP, said Dr Mahesh Gupta. Further, with the revival of sentiment and pickup in industrial activity, a recovery of private investment is expected to further strengthen growth in the coming times, the statement further added. (UNI)
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