Earlier, the economic history of Pakistan showed a remarkable picture of growth and other socio-economic indicators, which can be considered as an economic miracle. The growth in economic indicators since 1947 to the late 1960s was much better as compared to other Asian economies, including India. In those days, India was considered as a slow growth economy with an annualised growth rate of less than 3 percent. In those days a derogatory and controversial expression - Hindu rate of growth- was introduced in economic journalism. This expression was used to refer to the low annual growth rate of the Indian economy before 1991, which stagnated around 3.0 percent from the 1950s to the 1980s, while per capita income in India averaged at 1.3 percent. At the same time, Pakistan grew by 5 percent annually. The term 'Hindu Rate of Growth' was coined by Indian economist Raj Krishna. The term suggests that the low growth rate of India, a country with high Hindu population was in a sharp contrast to high growth rates in other non-Hindu Asian countries. Full Story