Why is the “Hindu rate of Growth” called so?
This term was coined by Dr. Raj Krishna in 70s to describe the inability of the Indian economy to grow at more than 3% per annum, through a large part of the planning period, when other developing economics were growing at a much faster rate. He attributed this to the philosophical temperament of most Indians, their belief in contentment and lack of killer instinct. He summed it up by calling 3% as the Hindu rate of growth.
