New Delhi, Feb. 8 -- There are two basic elements to any successful development strategy: growth and redistribution. Over the last decade, the Narendra Modi government has been very successful with policies of redistribution. Indeed, India's record on inclusive growth has likely been among the best in the world.

On economic growth, however, the record is not good. India is the fastest growing major economy in the world, and unlike some, I believe Indian data accurately reflect the underlying reality.

So what is the problem with annual growth at around 7.8% for the last five years? Growth has occurred via robust expansion of infrastructure investment. Both private investment and net foreign direct investment (FDI) have been depressingly ...