Guarding against growth fetishism: The case of India

India is justifiably proud of acquiring the mantle of the ‘fastest growing economy in the world’. There is the risk, however, of succumbing to ‘growth fetishism’. ‘Official India’ seems to subscribe to the view that the country can – and must – continue to grow at 7 to 8 percent per annum for decades and even aspire to double-digit growth. This uncritical acceptance of a growth target belies the dissident views of formidable critics who argue the case for a secular growth slow-down as extrapolated from well-known empirical regularities. There are sound reasons to temper the case of endless and rapid growth.

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