The Gross Domestic Product (GDP) in the third quarter (October-December) of the current fiscal slowed to 4.4% from 6.3% in the second quarter (July-September) and 13.2% in the first quarter (April-June). This has attracted the attention of former Reserve Bank of India (RBI) Governor Raghuram Rajan, who said India is “dangerously close” to the Hindu growth rate due to subdued private sector investment, high-interest rates, and slowing global growth.
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According to reports, several economists believed that the term “Hindu” was used to link the belief in Karma and Bhagya with the slow growth. However, later liberal economists and historians like Paul Bairoch rejected this connection and instead attributed the low growth rate to the then governments’ protectionist and interventionist policies.
The argument that India’s growth rate could slip to the Hindu rate of growth of around 4 percent is ill-conceived, biased, and premature, according to the State Bank of India’s economic research report Ecowrap. The report emphasized that the economy is on a sound footing.
This phrase represents a certain philosophy — of existing in a blissful non-competitive state, in perfect harmony with other countries — which does not reflect the conditions existing now. The country is making rapid progress in all fields and is willing to compete with the best in almost all spheres. In a world where each country is taking care of its own, India too has learned to do the same. This kind of condescending labeling is therefore widely off the mark.
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