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The Indian economy could grow close to 8 percent in the last quarter of the current fiscal, in view of sustained economic activities in manufacturing, exports showing recoveries and industry intensifying it's capacity utilization, according to an industry lobby.

The Gems and Jewellery Exports Promotion Council (GJEPC) expects exports growing by 20 percent in the current financial year from 16 percent in the last fiscal due to the financial recovery in the world.

Finance Minister Pranab Mukherjee on Wednesday said India had recovered from the global financial meltdown and the economy was in far better shape than it was a year ago to clock high growth.

Amid fragile global economic recovery and persistent financial woes in Europe, India is looking for taking a plunge into the relatively less-explored countries of Africa.

With the economy witnessing gradual recovery from the global meltdown, the country's corporate sector should go for redefining their corporate social responsibility and accountability, said Salman Khurshid, Minister of State for Corporate Affairs and Minority Affairs (Independent Charge), in New Delhi on Wednesday.