Raghuram Rajan, former RBI Governor
‘Hindu rate of growth’ appears to be a new term lately coined by former RBI Governor. Now what he is trying to insinuate is the talk of the town in financial Indian sectors.
A few days ago Raghuram Rajan sounded a kind of warning about Hindus in India and the note of caution was about their ‘growth’. He says that India was “dangerously close” to the ‘Hindu rate of growth’. Now the brain-storming is going on what exactly does ‘Hindu rate of growth’ signifies.
Maybe, the term is not new for some, but it has not at all been a common topic to be talked about. Significantly Raghuram Rajan’s remark followed a report released in February 2023 by National Statistical Office.
The ex-RBI governor Raghuram Rajan while alerting India in his particular remark – ‘India is “dangerously close” to the ‘Hindu rate of growth’, can be considered referring to the slow economic growth of India. And for this situation he blamed the factors viz. high interest rates, subdued investment in the private sector along with a slowdown in global growth. But there is still loads of confusion on what exactly does ‘Hindu rate of growth’ mean.
The particular report by the National Statistical Office (NSO) last month which was followed by Raghuram Rajan’s remark, shows a sequential slowdown in the recent estimate of national income. India’s GDP growth was witnessed to be slowing down to four and a half percent during October – December in the third quarter of 2022 against the six point three percent during July – September in the second quarter.
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Indian media has quoted Raghuram Rajan saying, “The latest October-December GDP numbers of the country suggest slowing growth from the heady numbers during the first six months of the year… The RBI projects an even lower four point two per cent for the final quarter of the fiscal year during October – December 2022.”
