GROWING FAST, GROWING SLOW

Is growth in and by itself good, a free radical that signals energy and achievement that will take the nation and its people to a higher ground?

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Conventional thinking from mainstream economists travelling down to the average citizen has it that GDP growth is desirable and good - the higher the better.

India now reports high growth, with the last announcement giving a surprisingly robust GDP growth of 8.2%. But the nation was not always in that league, and indeed never was right up to the 1990s when Dr. Manmohan Singh introduced the era of economic reforms. Before that, largely, the economic cart of a newly independent nation remained stuck at a growth of about 3.5% on an average and 1.3% per capita, all the way from 1947 to 1980. This state came to be called the "Hindu rate of growth," a term that in its origins was entangled with the Hindu way of life but has subsequently been used almost as a harmless cliché for slow growth.

The phraseology is now under attack, with Prime Minister Narendra Modi leading the charge. The continued popularity of the usage is indicative of "a mentality of slavery," the PM rime said last week. In his words: “ ... an attempt was made to prove that the reason for India's slow growth rate was our Hindu civilization and Hindu culture." As the Indian economy races ahead, the PM has now asked: "Have you read anywhere about the rapid growth that India is experiencing today? Have you heard about it anywhere? Does anyone call it the Hindu rate of growth?" The remarks came in a speech earlier this month, highlighting on the one hand what the government sees as high achievement on the GDP growth front and on the other hand an unstated condemnation of the post-independence socialist approaches and policies that, it is claimed, failed India, a failure that cannot be labelled for Hindu society as a whole.