The centralised planning strategy applied all these years did not work. One strategy across India cannot address the inherent differences between states.
India’s economy has grown at a breathtaking pace, from a nominal GDP of Rs 87 lakh crore in FY12 to an estimated Rs 190 lakh crore in FY19. Compound annual growth rate (CAGR) of 11.74% in nominal terms and 7.05% in real terms is remarkable, making India the fastest growing major economy in the world. In 2014-19, the NDA-I government grew the economy by Rs 78 lakh crore at a CAGR of 10.88%. While the Q4FY19 recorded lower growth and the forecast for the next two quarters is also lower, India is expected to retain its status going forward.