Hindu rate of growth

Low annual growth rate of the Indian economy before the economic reforms of 1991

The term "Hindu rate of growth" was coined by the Indian economist Raj Krishna in 1978. It refers to the annual growth rate of India's economy before the economic reforms of 1991, which averaged 4% from the 1950s to the 1980s. Advocates of liberalisation often use this term. However, modern neoliberal economists criticise the term, as they believe that the low growth rate was caused by the failed five-year plan model and economic mismanagement. Dirigiste policies often include indicative planning, state-directed investment, and the use of market instruments to incentivize market entities to fulfill state economic objectives. Eighth Five Year Plan was for managing the transition from a centrally planned economy to market led economy through indicative planning.

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