There have been much anticipation about India's growth rate and its sustanability in the last few months especially with the arrival of strong Modi government at Centre.
Lately Centre and media have also been piping India's Growth rate at 7.4% in next financial year, and if you ask me, 'Is India's growth sustainable?', I would also say yes. In fact, with curent Modi reforms and active policies, I think the NDA government will be able to achieve 6.5% to 7% growth rate in 2015-16 and 7.5% to 8% in 2016-17.
And, trust me it is not that difficult to achieve. The blue-print for sustained and sustainable growth requires focus on simplification and consistency in both agriculture and industrial sector.
Besides, the government also needs to plan in coordination with small scale and medium scale industries as they act as the spine of India.
So far, I can confidently state that Modi govt is laying emphasis on reformist measures. Ever since Narendra Modi took charge at Centre, he has been working on a model to revive India's growth. The several initiatives taken so far indicate a step in the same diretion.
Be it his social reforms like Swacch Bharat Abhiyan, Toilet for all, Clean Ganga Movement, and International Yoga Day; or industrial reforms like minig auctions, FDI in Railways, Defence or Insurance, smart cities project; or other reforms like Make in India campaign, Jan Dhan Yojna have paved way in the right direction.
His 'sabka sath, sabka vikas' mantra has regained confidence of NRIs and foreign investors which certainly is a positive step for India's economy.
Therefore, I think that these steps will ensure a strong foundation for inclusive growth and set pace for a rapid development in the country, thus taking India's growth rate to next level.
(Dr Suvrokamal Dutta is a renowned Economist and Political analyst)