The corrupt rate of growth

The growth rate of the socialist India before 1991 was termed as ‘The Hindu rate of growth’. This term was coined by Indian economist Raj Krishna but was widely used by many authors, journalists and critics all over the world. The Hindu growth rate was a symbol of stagnating growth. The growth was around 2-3.5% while many other ‘non Hindu’ countries in the South Asia were marching well ahead of India. One of the reasons for this was the contentment of the Indian society and the fatalism that their present actions have no bearing on the future.

Though India was able to come out of the ‘Hindu rate of growth’ with the help of easing of the economy, the growth which we saw till 2007 was the ‘Pseudo growth’ because merely by saying that we are witnessing a growth rate of 7-8% we do not become efficient and effective. Since there was a huge growth deficit in the past, the difference created this surge in growth.

Our real test was to be started with the receding of the 1^st wave of growth phase. We needed more reforms based on careful analysis of the Internal as well as external factors. Unfortunately no analysis took place and what we saw was financial terrorism of astronomical proportion. When corruption can bring the growth of a country from 8% to 4%, it should qualify as terrorism as a handful of people are responsible for playing with the tax payer’s fund.

Naturally the growth which we are currently seeing is the ‘corrupt rate of growth’. It does not ends here the inflation keeps on increasing because the sources of funds which can reduce it are diverted to the coffers of corrupt ministers, contractors and corporate who are agents of cronyism. If we continue to go with this corrupt rate of growth we will definitely witness a negative growth. There will be famines, droughts, epidemics etc. as we will not have any funds for the public use. All the money will be with the above mentioned people who will flee to other countries to make sure that they remain unaffected.