'Hindu growth rate' was the legacy of Congress era with low expectations, Piyush Goyal (file photo)
ANI, Mumbai. Commerce Minister Piyush Goyal on Saturday hit out at those who thought India's economic growth was limited to only 4-4.5 per cent.
He said at the World Hindu Economic Forum 2025 that India's slow economic growth in the past was termed as 'Hindu growth rate'. This term was coined by economist Raj Krishna in the late eighties of the last century. This reflected an average GDP growth of three to four percent between 1950 and 1980 after independence.
He alleged that during the previous Congress and Congress-led UPA governments, there was a perception that no matter who was in power, the country could not grow faster than 4 to 4.5 per cent.
He said, "India's potential has been underestimated." He further said that under the leadership of Prime Minister Narendra Modi, India is ready to become the third largest economy in the world in the next two-three years.
Refuting the 2014 estimate of former Finance Minister P Chidambaram, he said that this change will not happen even in 30 years. Goyal said, "By 2044, we will probably become a US $ 25-30 trillion economy. Our vision of a developed India 2047 is to become an economy of more than 30 trillion dollars.
Taking a dig at the UPA government of 2004-2014, the Union Minister alleged that they weakened India's economic and inflationary situation.
Goyal said that we gave them four percent inflation and eight percent economic growth whereas between 2004 and 2014 it was the opposite i.e. four percent growth rate and eight percent inflation.
Referring to some big scams, he said that the level of corruption was at its peak during the ten years of UPA era. He described India's recent trade agreements as full of confidence and self-respect.