Interesting blog post. Getting caught up in an acronym game can be heady. Obectives (growth for example) need to be pursued to improve once's situation rather than to be included in an acronym classification. BRIC for example was a catch word invented to highlight a phenomenon - of large countries starting to grow fast and becoming larger to the point where the world was moving towards 4-5 economic poles. Beyond this the BRIC countries may not have had much in common and certainly did not allow for a common strategy.
Today none of the BRIC countries make for a positive economic reading except possibly China, which was to begin with an outlier in the BRIC phenomenon.
Regarding India, I hope it focuses on shared prosperity besides growth. A growth of 5% is good enough if it reaches the poor - beyond that can be an overkill and can possibly lead to problems, as seen in China.
Reforms are needed in India, particularly financial sector reforms. I would focus on bad assets with banks more than pursuing inflation targets. I am usually cautious of international best practice. India is beyond a stage where it needs international best practice. It needs home grown solutions to local problems which benefit the population at large. And this can require much more effort than bringing in IBP.
As mentioned, political will and voice of the people is key.