Home disadvantage

Last week, the term “growth shock” was used to describe the unexpectedly low GDP growth of 5.3 per cent for the last quarter (January-March) of 2012. The consensus estimate by most analysts was that the last quarter would deliver more than 6 per cent growth, at the very least. As it turned out, the GDP growth came closer to 5 per cent, a number many economists regard as the upgraded Hindu rate of growth. Just to refresh memory, the original Hindu rate of growth, as described by the economist Raj Krishna, was about 3-3.5 per cent, which prevailed between 1950 and 1980.

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