According to the chamber, the agriculture sector would show a moderate three per cent growth, against 2.7 percent in 2006-07.
Industry and services sector are expected to grow at 9.4 percent and 11.2 percent respectively during 2007-08.
"On the whole, CII expects the GDP growth to be 9.2 percent during 2007-08, with agriculture growing at 3 percent, industry at 9.4 percent and services at 11.2 percent," the chamber said in its 'state of the economy' report.
The Indian economy had registered a 9.4 percent GDP growth in 2006-07, highest in the last 18 years, due to a stellar performance by manufacturing and services sectors.
In its quarterly analysis of economy for the Jan-March period, the chamber said in spite of appreciating rupee impacting exports, country's GDP grew at 9.1 percent primarily led by 19.35 percent growth in corporate earnings.
It said appreciating rupee had a negative impact on profits of textile and leather sectors during the fourth quarter with profit margin expected to erode further to 10.4 per cent during the next six months.
Service sector companies registered a 45.68 percent growth in profits compared to 10.32 percent growth in the corresponding quarter last fiscal. Manufacturing sector, however, reported a slowdown in profits during the quarter to 7.91 percent from 15.17 percent in Q4 2005-06.
The chamber, however, cautioned that the continuous decline in oilseed production could act as a hurdle to agricultural growth in the country.
Oilseeds production has declined by 14.79 percent in the quarter in India under review which is expected to further increase the demand-supply gap for edible oils.
CII pointed out on the need to restructure domestic pricing policy of various crops as farmers are switching from oilseeds crops to more lucrative alternatives like wheat and gram. DDNEWS India
