NITI Aayog chief refers to Rao and Vajpayee govts, says reforms will lead to accelerated growth with a lag India’s economy will likely expand by 7.5% this financial year and by more than 8% by 2018-19 as economic reforms being put in place by the National Democratic Alliance (NDA) government start delivering results, NITI Aayog vice-chairman Arvind Panagariya said on Friday. “The full impact of the economic reforms and changes in governance being undertaken at present is yet to be realized,” said Panagariya , who was a professor of economics at Columbia University before taking charge in 2015 at NITI Aayog, the government think tank that replaced the Planning Commission. “Reforms will lead to accelerated growth with a lag,” he said, citing the experience with reforms carried out in the 1991-96 term of the Congress government under P.V. Narasimha Rao and subsequently by the NDA regime led by Atal Bihari Vajpayee in 1998-2004. The impact of the reforms and economic growth in job crea