New Delhi, Aug. 13 -- India's Viksit Bharat aspiration of becoming a developed country by 2047 is an apt north star. Achieving this objective would require the Indian economy, currently at almost $4.2 trillion, to grow roughly seven times its size to $30 trillion. That is steep, but lofty goals are meant to stretch institutions and organizations to re-imagine, re-configure and then execute accordingly.

After the 1991 liberalization of India's economy, its annual real GDP growth has averaged about 6.3%. Even after the 2008 global financial crisis, this rate has stayed about the same. But volatility around this seemingly stable long-term average pace of growth has surged.

Between 1992 and 2008, the lowest and highest growth rates were 3.3...