News on Indian Economy, Delhi excise case and Orissa Aircraft

Important new today : 1) Hindu rate of growth  in India : Former Reserve bank of India governor Raghuram Rajan predicted return to Hindu rate of growth of Indian economy. Hindu rate of growth describes low Indian economy growth rate from 1950’s to1980’s periods growth which is around 4%  . His argument is based on national statistical  office data of last month . Hindu rate of growth was coined in 1978 describes the slow growth of Indian economy. GDP  of October -December of current fiscal slowed to 4.4 % and 6.3% July to September and 13.2% in April to June . The growth of  last year was 5.2% .Mr Rajan is worried about sequential slow in GDP numbers . India ‘s chief economic advisor attributes slow growth is due to upward revision of national income. RBI projects even lower 4.2% for the last quarter of this fiscal . The average annual growth of the October -Decembar quarter relative to be similar pre pantimic quarter three years ago is 3.7% .  In the world most developed economy are largely service economy so you can be a large economy without the present in sectors like manufacturing .Service can provide huge semi skilled jobs in construction , transport ,retail ,tourism and hospitality . Several economist have projected real GDP growth of India to slow between 6% and 6.5% in the next fiscal . This is not the so called Hindu rate of growth . SBI research asserts Rajan ‘s comment “ill_conceived biased and pre mature. ”