Rajan expressed worry over the slowdown in the quarterly growth, as revealed by the latest estimate of national income released by the National Statistical Office (NSO).
Former Reserve Bank of India (RBI) Governor Raghuram Rajan on Sunday said that India is “dangerously close” to the Hindu rate of growth as the country sees limited investment in private sector, high-interest rates, and decreasing global growth, news agency PTI reported.
The term “Hindu rate of growth” refers to the low Indian economic growth rates that averaged around 4 per cent from the 1950s through the 1980s. Raj Krishna, an Indian economist, coined the term in 1978 to describe slow growth.
Rajan expressed worry over the slowdown in the quarterly growth, as revealed by the latest estimate of national income released by the National Statistical Office (NSO).
The Gross Domestic Product (GDP) in the third quarter (October-December) of the current fiscal slowed to 4.4 per cent from 6.3 per cent in the second quarter (July-September) and 13.2 per cent in the first quarter (April-June).
