Hindu rate of growth

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.

Vithal, who wrote under a pseudonym, Najin Yanupi about India’s per capita growth rates: “This is the range within which alone the Hindu view of life will hold.

This meaning of the term, popularised by Robert McNamara,[citation needed] was used disparagingly and has connotations that refer to the supposed Hindu outlook of fatalism and contentedness.

[17] It was seen as a way to achieve rapid industrialization and economic development, and to reduce the country's dependence on foreign capital and imports.

[24] South Korea, similar to India was also forced to adopt IMF and World Bank imposed reforms during the 1997 Asian Financial crisis.

While South Korea did adopt a more market-oriented model of development, the government still played an active role in shaping and directing economic growth through targeted investments and support for key industries and companies.

[27] Pakistan meanwhile, despite implementing liberal reforms under Pervez Musharraf experienced lower economic growth compared to India.

Neoliberals and conservatives, for instance, attribute every problem to government regulation, taxation and public ownership (in short, a mixed economy).

To defend their position, they create a logic that defines economies in ways that categorize regulations, taxes and public enterprise as an overhead burden, not as productive or playing a catalytic role or maintaining a fair and balanced allocation of wealth and income.

Economic growth is influenced by a wide range of factors such as education, infrastructure, political stability, and access to capital, among others.