book
The Emerging Big Picture: Making Sense of India's Economy
After half a century of zero growth between 1900 and 1950, Indian economy registered a growth rate of 3.5 per cent in the first decade of economic planning which persisted for quite some making us believed that ""Hindu rate of growth"" was its destiny. In the past two decades, the rate of growth more than doubled to an average rate of 7 per cent per annum. India clocked an average rate growth of 9.5 per cent in the three-year period the global financial crisis (2005-2008). This remarkable growth performance was certainly a cause for celebration. It was also, according to D. Subbarao, a trigger for setting off an aspiration for double-digit growth. This time around, India could do no wrong. Comentators talked of ""Chindia"" elevationg India's performance to that of its northern neighbour (Raghuram Rajan, ch.7).
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