Pitching for more reforms, Finance Minister Arun Jaitley on Friday said the world no longer ridicules India of clocking ‘Hindu rate of growth’ and economic liberalisation has helped it grow at a faster pace.
The constituency that favours reforms on Friday, he said, is much more than those who oppose it and the country can grow at a faster rate generating more resources to effectively fund anti-poverty schemes.
“Right till about 40 years of independence, India was growing at about paltry 2-2.5 per cent. The world was ridiculing us and the Indian economy, and its growth was referred to globally as the Hindu rate of growth. So, anybody who grew slowly and was satisfied with that growth level was sarcastically referred to as Hindu rate of growth,” Jaitley said at the Skoch event here.
The moderate growth recorded till 1980s was described by economists as the Hindu rate of growth. After economic liberalisation in 1991, India has been growing at a much faster pace and in some years also crossed the 10 per cent mark.
He said as the economy grows faster, people get more jobs, wealth is generated, people are pulled out of poverty lines and then a resource-full state is able to generate a lot of anti-poverty programmes.
“If we continue to follow the (reforms) path… we will probably be able to write a new chapter in that history,” he noted.