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League of Nation: The international organization between two World Wars

  The League of Nations was an intergovernmental organization founded on January 10, 1920, as part of the Treaty of Versailles that ended World War I. It was established with the aim of promoting international cooperation, resolving disputes, and preventing future conflicts. The League of Nations was proposed by President Woodrow Wilson of the United States as one of his Fourteen Points for peace. The League's charter was included in the Treaty of Versailles, which was signed by the victorious Allied powers and Germany. The League's headquarters were located in Geneva, Switzerland. The League of Nations consisted of two main bodies: the Assembly and the Council. The Assembly served as a forum for all member states to discuss and vote on important issues, while the Council was responsible for making decisions and taking action on matters of international concern. The Council consisted of permanent members (the United Kingdom, France, Italy, Japan) and non-permanent members e...
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What is Hindu Rate of Growth? Why is it in news?| Indian Economy

The term "Hindu rate of growth" refers to the low growth rate of the Indian economy in the post-independence era, particularly from the 1950s to the 1980s. The term was coined by the Indian economist Raj Krishna in the 1970s to describe the slow rate of economic growth in India during that time period. The concept and idea of Hindu Rate of Growth has created much confusion among people and in this article we try to make it clear.

During the period of the "Hindu rate of growth," India's economy grew at an average rate of around 3.5% per year, which was considered slow compared to other developing countries. This slow growth was due to a variety of factors, including a highly regulated economy, a focus on import substitution, and a lack of investment in infrastructure and technology.

However, in recent years, India's economy has undergone significant reforms and liberalization, resulting in much higher growth rates. Today, India is one of the fastest-growing major economies in the world, with an average growth rate of around 7% per year over the past decade.

Significance:

The term "Hindu rate of growth" is significant because it highlights the challenges that India faced in achieving economic growth in the decades following its independence from British rule in 1947.

The period of the "Hindu rate of growth" was marked by a highly regulated economy, a focus on import substitution, and a lack of investment in infrastructure and technology. These factors contributed to slow economic growth, high levels of poverty, and widespread inequality in the country.

The term "Hindu rate of growth" also sparked a debate about the role of government in economic development, with some economists arguing that excessive regulation and state intervention in the economy were holding back growth. This debate ultimately led to a wave of economic reforms and liberalization in the 1990s, which helped to open up the Indian economy and stimulate higher growth rates.

Today, India is one of the fastest-growing major economies in the world, with a rapidly expanding middle class and a growing role in the global economy. The term "Hindu rate of growth" serves as a reminder of the challenges that India has faced in achieving economic development, and the importance of continued efforts to promote growth and reduce poverty and inequality.

Recently the ex-Governor of RBI, Raghuram Rajan has stated that India is dangerously close to Hindu Rate of Growth which has sparked controversy among the politicians and economists alike.

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