When 7% GDP growth becomes the new Hindu rate of growth...Decades ago, a very famous economist called the 3 to 4% GDP growth, in those days of the license raj, permit raj, as "Hindu" rate of growth. What he did mean was our complacency to rest on our achievements ( then everything that was private was looked down upon. The Public Sector was the perfect role model).
It took the major economic reforms of 1991 to change everything. Even prior to that the superb professional in Sam Pitroda did wonders with the telecom revolution. Of course, this looks so small in today's context, when smartphones are the order of the day.
Yet, Dr. RaghuRam Rajan, the best economist India has possibly ever had, has warned that the 7% GDP growth, is something like the new Hindu rate of growth. In other words, we need more jobs, more emphasis on innovative agriculture and so on. It is not that some magic can work here.
A deep research is essential to find out the grey areas and take remedial action. The so-called education system cannot produce too many graduates and postgraduates who land in clerical jobs in banks. This would be a sure recipe for disaster.
It is high time that the likes of Dr. Rengarajan start speaking out. The likes of H.V. Kamath, and Mr. Vagul who together made ICICI Bank what it is today, also need to speak out.
What areas do members think, need particular attention?