In a recent commentary, analyst Jagdish Rattanani has drawn attention to a critical debate shaping India's economic future. The focus, he argues, must shift from political slogans surrounding historical growth rates to the more pressing issue of how economic gains are distributed across the nation.
The Political Narrative vs. Economic Reality
The term 'Hindu rate of growth', often used to describe India's historically modest economic expansion before the 1990s reforms, has re-entered political discourse. However, Rattanani cautions that this debate can act as a smokescreen. It risks deflecting essential questions about the quality and equity of the current growth trajectory. The central concern is not merely the speed of economic advancement but its character and inclusivity.
Published on 17 December 2025, the piece underscores that India's development story is now marked by significant disparities. While aggregate GDP figures may show promise, they often mask deep-seated inequalities in income, wealth, and access to opportunities. The author suggests that an obsessive focus on surpassing a historical growth stereotype can lead policymakers to neglect the foundational aspects of sustainable and fair development.
The Hidden Costs of Uneven Development
Rattanani's analysis implies that bad growth—growth that is uneven, jobless, or environmentally damaging—carries a long-term cost for societal stability and economic resilience. When progress benefits only a narrow segment, it fails to build the broad-based demand and human capital necessary for enduring prosperity. This creates a fragile economic model vulnerable to social and political upheaval.
The consequences of ignoring this inequity are multifaceted. They can include:
- Social unrest and diminished cohesion due to perceived injustice.
- Underutilization of human potential as large sections of the population cannot contribute fully to the economy.
- Weak domestic consumption, making the economy overly reliant on external or elite-driven demand.
A Call for a New Growth Paradigm
The core argument presented is a call for a more nuanced evaluation of India's economic performance. The metric of success should evolve beyond GDP growth rates to include indicators of health, education, employment quality, and environmental sustainability. This requires moving the political and policy conversation towards the structural reforms needed to ensure that growth translates into tangible improvements in living standards for the majority.
In conclusion, Jagdish Rattanani's commentary serves as a timely reminder. As India positions itself as a major global economy, it cannot afford to let political narratives obscure the fundamental questions of equitable progress. The true cost of 'bad growth'—marked by inequality—could undermine the nation's long-term ambitions and social fabric. The path forward demands a deliberate focus on creating a growth model that is not only faster but also broader and more just in its outcomes.
