In discussions of India's pre reform economic performance, the term 'Hindu rate of growth' generally refers to the historically low growth rate of which macroeconomic variable?

Introduction / Context:
The phrase Hindu rate of growth became famous in economic discussions about India's performance before liberalisation. It characterises a long period when the economy grew much more slowly than many other developing countries. To answer this question, you must know which macroeconomic variable this rate is referring to. Understanding this helps you interpret debates on why India's growth was constrained in the decades after Independence.

Given Data / Assumptions:

- The term in focus is Hindu rate of growth.- It is associated with India's economic performance prior to reforms.- Options include GDP, population, foodgrains and per capita income.- We assume awareness that this rate was quite low, often around 3 to 3.5 percent annually.

Concept / Approach:
Economist Raj Krishna used the term Hindu rate of growth to describe India's slow overall economic growth during the period roughly from the 1950s to the late 1970s. He was referring to the growth rate of real Gross Domestic Product (GDP), which hovered around 3 to 3.5 percent per year. While population growth and per capita income are related variables, the central focus of the phrase was the sluggish growth of the total output of the economy (GDP) compared to potential and to other countries. Therefore, Hindu rate of growth refers primarily to the growth rate of GDP.

Step-by-Step Solution:
1. Recall that Hindu rate of growth is generally quoted as about 3 to 3.5 percent per annum over a long period.2. Understand that such a rate is too low to describe population growth in India, which was usually higher than that during the same period.3. Note that foodgrains output and per capita income did change, but the phrase is most commonly applied to overall economic output, i.e., GDP.4. Recognise that the term was used in macroeconomic debates about India's growth strategy, industrial policy and planning outcomes, all of which relate to GDP growth.5. Choose Gross Domestic Product (GDP) as the macroeconomic variable whose growth rate is captured by this phrase.

Verification / Alternative check:
Economic history books on India and standard exam guides discuss the Hindu rate of growth as a description of India's GDP growth prior to the acceleration observed from the 1980s and especially after the 1991 reforms. They often contrast the earlier 3 to 3.5 percent GDP growth rate with later periods of 6 percent or more. While some discussions also mention slow growth of per capita income, the original phrase and most exam questions point to the growth of GDP itself. This confirms that GDP is the correct answer.

Why Other Options Are Wrong:
- Population: population growth in India has generally been higher than 3.5 percent and is not what the phrase was criticising.- Foodgrains production: although important, this specific phrase is not standardly used to describe growth in foodgrain output.- Per capita income: while per capita income also grew slowly, the widely accepted interpretation of Hindu rate of growth refers directly to the GDP growth rate.- Capital stock: refers to accumulated physical capital, not the primary focus of the phrase in common usage.

Common Pitfalls:
Some students confuse GDP growth with per capita income growth, because both were relatively low before reforms. Others think the term refers to population growth since India's population was large and growing. To avoid these mistakes, remember that Hindu rate of growth was coined by an economist to critique India's GDP growth performance, not population size. Keeping the approximate figure of 3 to 3.5 percent GDP growth per year in mind helps anchor the correct variable and improves your ability to interpret related exam questions.

Final Answer:
The Hindu rate of growth refers to the historically low growth rate of India's Gross Domestic Product (GDP).