The move follows the introduction of biometric ID cards, which now cover 99pc of all Indian adults.
Mr Vazirani said that as any political opposition had “melted away”, the roll-out had happened faster than expected.
He said: “Recent numbers from the government show that around 450 million accounts have been linked to a biometric ID card.
“When you introduce a social security system on such a vast scale, consumer spending will increase over many years. By how much we don’t know, but analysts aren’t pricing any benefits into their models.”
3. Introduction of a goods and services tax
India’s current tax system is fragmented, with varying taxation between states.
This makes it inefficient, and also means a large number of people do not pay their share of taxes.
From July this year, a single nationwide tax on goods and services will be brought in.
Mr Vazirani’s view is that analysts are failing to look beyond concerns about the short-term disruption the new system could cause.