Recently, former Reserve Bank of India Governor Raghuram Rajan said that India is “dangerously close” to the “Hindu Rate of growth”. Rajan was reportedly responding to the latest GDP data released by the government.

The data in question pertains to India’s GDP growth in the third quarter (October to December) of the current financial year (2022-23). A key takeaway was that India’s GDP grew at just 4.4% in the quarter ending December 2022. Data from 2016-17 onwards shows a steady deceleration in quarterly GDP growth rates.

This has led to two contrasting responses.