With the Indian economy growing by 7.9 per cent, NITI Aayog Vice Chairman Arvind Panagariya today said that the country is making "good" progress. He said there is a good bit of turnaround today in the economy which was not in a "great shape" when the Narendra Modi government came into power in 2014. Mr Panagariya said at a discussion organised by the Asia Society Policy Institute in New York, on the two years of the Modi government. He said for the 2015-16 year, the Indian economy grew by 7.6 per cent and in the last quarter of the fiscal, the growth rate was 7.9 per cent.Mr Panagariya noted that inflation has been contained around five percent and forex reserves are also in good shape.Addressing the discussion attended by analysts, executives and diplomats, Mr. Panagariya added that there are certain continuing weaknesses, which are largely inherited.He cited the example of the steel, construction, textile and banking sectors, saying all of these have serious legacy issues. However, he said that it should not distract that several of the sectors such as auto, pharma, software, engineering goods, are doing well.