The former governor of the Bank of India and economist Raghuram Rajan said that the Indian economy is very close to the ‘Hindu growth rate’. Because of the weakness of the private sector, high interest rates and slow global growth, it is not known where we will find the energy to accelerate growth.
According to Raghuram Rajan, the latest estimates of national income, released by the National Statistics Office (NSO) last month, show that the gradual decline in quarterly growth is something to worry. My fear was not wrong. During this period the GDP grew at a rate of 4.4 percent. In July-September this rate is 6.3 percent. But, between last April-June it was 13.2 percent.