India, April 15 -- During the current financial year, the Indian economy is expected to register a growth of 7.6 per cent in real gross domestic product or GDP. Coming on top of growth of 9.1 per cent during 2021-22 and 7.2 per cent during 2022-23, India's performance is spectacular. Emboldened by this trend and Modi's commitment to pursue economic reforms with greater vigour during its third term, analysts are hoping for growth of above 7 per cent on a sustainable basis. But, there is a catch.

Private consumption which accounts for as much as 55 per cent of the Indian economy has acted as a major drag. For instance, during FY 2023-24, it is expected to grow by a meagre 3 per cent (even lower than 4.4 per cent as given in the first advan...