The Rate of Growth of the Indian Economy

Abstract

In this paper we have concentrated attention on a single question, i.e. whether there is any indication of acceleration or retardation of the growth of the Indian economy or either of its two parts, industry and agriculture, measuring growth in terms of the concept of total domestic product. The treatment is entirely statistical and that too involving only very elementary tools. We have deliberately abstained from taking up any properly economic arguments regarding the phenomenon of our economic growth. Our justification for restricting our considerations to a purely statistical analysis is that we think it is extremely important to ascertain the limits of factual truths about the phenomenon of growth before launching into discussions about the factors giving rise to the phenomenon. A great number of very loose statements about how the rate of growth of the economy has been rising or falling are made in connection with the discussions regarding the factors of development — statements which are made without being based on adequate statistical analyses.