Which of the following is true ith regard to the Indian economy
Answers
Explanation:
The Hindu rate of growth is a term referring to the low annual growth rate of the planned economy of India before the liberalisations of 1991, which stagnated around 3.5% from 1950s to 1980s, while per capita income growth averaged 1.3%.[1]
The term contrasts with South Korea's Miracle on the Han River and the Taiwan Miracle. While these Asian Tigers had similar income level as India in the 1950s, exponential economic growth since then has transformed them into developed countries today.
Many claim that the economy of India accelerated and grew at a rate of around 6–9% since economic liberalisation began in the 1990s[2].[3]
The word "Hindu" in the term was used by some early economists like Vikas Mishra (economist) to imply that the Hindu outlook of fatalism and contentedness was responsible for the slow growth. Later economists reject this connection and instead attribute the rate to the Government of India's protectionist and interventionist policies (see Licence Raj), rather than to a specific religion or to the attitude of the adherents of a particular religion. Accordingly, some writers instead use the term "Nehruvian socialism".[4]