Rajiv Kumar, the Vice Chairman of Niti Aayog foresees India's economy to grow by at least 7.5% during the ongoing financial year 2018-2019, on the back of improvement in investment cycle and capacity utilization, reports from PTI.

He said that the government should now concentrate on consolidating the reform initiatives undertaken during the past 47 months since it came to power in 2014.

The economic environment is extremely positive and optimistic. The investment cycle has certainly turned upwards. The capacity utilization has risen to 74 percent, he said.

The inflation is still well under the target. "Foreign Direct Investment (FDI) is increasing and I expect the rate of growth to be at least 7.5 percent in 2018-2019," he added.

He sees that the economy will grow at 6.6 percent in 2017-2018.

"The government has taken so many reforms and so many initiatives that I think it is now time to consolidate rather than plan for new initiatives." He said this when asked about the reform measures the government should take up during the next one year.