CNBC's Inside India newsletter: Can India grow as fast as China did?

This report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Like what you see? You can subscribe  here.

The big banks of Wall Street have been quick to tweak what they expect from Indian growth this year.

Bank of America, Goldman Sachs and Deutsche Bank have all entertained the idea that India's economic expansion might be lower than what was previously expected. The country's GDP figure slowed to a 15-month low of 6.7% year-on-year in the second calendar quarter.

Yet, India's central bank appeared to dismiss the negativity earlier this month and reiterated its bullish view of India's growth rate, still expecting the economy to grow by 7.2%.

When asked by CNBC's Tanvir Gill whether there were any downside risks to this prediction, the governor of the Reserve Bank of India responded with an emphatic "no." "Not at all."

"We are quite confident about the 7.2% growth which we have projected in our current year's assessment," Shaktikanta Das said in an exclusive interview for CNBC.

"The underlying momentum is very strong and is not driven by some seasonal factors or one off factors. The growth momentum in India is very strong and it is primarily attributable to structural factors."

Das pointed to data showing that consumer spending, which makes up about 60% of GDP, rose to 7.4% in the second calendar quarter, compared to 4% in the previous quarter. Similarly, construction continued to expand at 10.5% for the same period. The agriculture sector, which grew by 2.2%, was held back by a delayed monsoon but has since recovered.

The "only component" that slowed down, according to the governor,