Hindu rate of growth
The term ‘secular’ rate of growth (which connotes long term trend growth) is well established in literature of development economics. (It is also used in the sense of a religious belief, practice and process of the State). In distinctive contrast, ‘Hindu’ rate of growth was coined to refer to the phenomenon of sluggishness in growth rate of Indian economy (3.5 per cent observed persistently during 1950s through 1980s).
The term, which owes to Professor Raj Krishna, Member, Planning Commission, captured popular imagination and was used synonymously to describe inadequacy of India’s growth performance. However, of late, the term has lost its relevance and appeal as economic reforms and liberalization in India since 1990s manifested in tripling of growth rate of Indian economy from this paltry level.