India dangerously close to 'Hindu growth rate', decline in GDP worrying
Rajan told in an interview, the recently released third-quarter GDP figures from the National Statistical office are worrying.
Former RBI governor raghuram Rajan said the indian economy is dangerously close to the 'Hindu growth rate'. Looking at the decreasing reluctance of the private sector to invest, the continuous increase in rates by the Reserve bank, and the apprehension of a decline in the global growth rate this year too, it is not known from where we will get the pace to accelerate the growth rate.
Rajan told in an interview, the recently released third-quarter GDP figures from the National Statistical office are worrying. My fear was not misplaced. During this period the GDP grew at the rate of 4.4 percent. In July-September this rate was 6.3 percent. Whereas, between last April-June it was 13.2 percent. The main question is how India's development will be in 2023-24. If we achieve 5 percent growth, we will be lucky. The latest figures for October-December indicate slower growth than the headline numbers in the first half of the year. raghuram Rajan, Former governor, of the Reserve bank of India
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India's extremely slow growth rate of 3.5% of GDP between the decades of 1950 and 1980 is called the Hindu growth rate. The term 'Hindu growth rate' was first used by economist raj krishna in 1978. During this period the per capita income increased at an average rate of 1.3%.
