|Title of host publication||Encyclopedia of India|
|Editors||Stanley A. WOLPERT|
|Number of pages||5|
|Publication status||Published - 2006|
India embraced economic globalization in the wake of its severe balance of payments crisis in 1991. Today, India’s economy is largely integrated into the global economy. Overall, the achievements have been positive. The country has been able to move beyond the specter haunting it since independence: the stagnant 3 percent per annum growth, known pejoratively as the “Hindu growth rate.” India’s economic growth in the ten-year period from 1992–1993 to 2001–2002 averaged slightly over 6 percent a year, making India one of the fastest-growing developing economies in the world.