India needs its own model of capitalism, says NITI Aayog's Rajiv Kumar

Reduction in tariff has benefitted 1.2 billion subscribers who on an average spend Rs 108 per month for telecom services

India should not adopt the off-the-beaten-path model of capitalist development and evolve its own model taking into account its strengths in innovation, entrepreneurship and large domestic markets, said Rajiv Kumar, vice-chairman, NITI Aayog. 

This could be achieved through seven key elements, including the government's commitment towards reforms, such as implementation of the goods and services (GST) Act, where the government has not done badly though some tweaking may be required.

“The experience in other countries has been that it takes two years for the new system to stabilise. We have not done too badly though some more tweaking may be required,” he