{"id":230282,"date":"2023-03-07T20:39:07","date_gmt":"2023-03-07T15:09:07","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=230282"},"modified":"2023-03-07T20:39:07","modified_gmt":"2023-03-07T15:09:07","slug":"hindu-rate-of-growth-is-a-phrase-we-must-erase","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/hindu-rate-of-growth-is-a-phrase-we-must-erase\/","title":{"rendered":"Hindu rate of growth\u2019 is a phrase we must erase"},"content":{"rendered":"\n

Source<\/strong>: The post is based on an article\u00a0\u201c<\/strong>\u2018Hindu rate of growth\u2019 is a phrase we must erase\u201d <\/strong>published in Mint<\/strong> on\u00a07th<\/sup> March 2023<\/strong>.<\/p>\n

Syllabus: GS 3 \u2013 Indian Economy<\/strong><\/p>\n

Relevance: <\/strong>meaning of the term \u2018Hindu rate of growth\u2019 and concern associated with the Indian economy<\/p>\n

News<\/strong>: The term \u2018Hindu rate of growth\u2019 was recently used by Raghuram Rajan, former governor of the Reserve Bank of India.<\/p>\n

What does the term mean and when was it first used?<\/strong><\/h2>\n

The term was coined by the economist, Raj Krishna<\/strong> in late 1970s. The term refers to a sluggish pace of economic expansion back in the 1980s when the growth of India was under 4%.<\/p>\n

Krishna argued that our weak growth back in the 1980s was not on account of a resource or talent deficiency, but it was the result of a restrictive policy environment.<\/strong><\/p>\n

According to Krishna, our economy was held back by dismal productivity, an inefficient public sector and a sarkari maze of red tape. However, things changed after the LPG reforms of 1991.<\/p>\n

Hence. Raghuram Rajan used the term in the current economic scenario<\/strong> which according to him is similar to the 1980s due to low private-sector investment, rising rates of interest and a slowing global economy.<\/p>\n

However, there are problems with the phrase and it should not be used.<\/p>\n

What are the problems with the phrase?<\/strong><\/h2>\n

The term Hindu attached to the phrase may create controversies. The term nowhere points to religion but suggests a cultural context for poor economic performance.<\/strong><\/p>\n

Hence, it would be better to delete the phrase as it may hurt the sentiments.<\/p>\n

What are the counter arguments to Rajan\u2019s view?<\/strong><\/h2>\n

It is true that India is currently facing slow growth. However, after the pandemic, there has been a V-shaped revival<\/strong> with increased state spending<\/strong> in the infrastructures. GDP is also expected to increase around 7% in 2023-24.<\/p>\n

Hence, there is a need to attract private investment<\/strong> for more economic growth and to eliminate the risk of economic slowdown.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on an article\u00a0\u201c\u2018Hindu rate of growth\u2019 is a phrase we must erase\u201d published in Mint on\u00a07th March 2023. Syllabus: GS 3 \u2013 Indian Economy Relevance: meaning of the term \u2018Hindu rate of growth\u2019 and concern associated with the Indian economy News: The term \u2018Hindu rate of growth\u2019 was recently used… Continue reading Hindu rate of growth\u2019 is a phrase we must erase<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10501,11125],"class_list":["post-230282","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-live-mint","tag-mint","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700772639,"cached_date":1704905016},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/230282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=230282"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/230282\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=230282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=230282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=230282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}