One of the most important things post independence was to ensure Indians had the capability to make things on their own. This meant achieving a high degree of domestic capability(Only Indians making things). There had to be a system to enable this happen. At times you have to slow growth to ensure you meet other capabilities.
It's not exactly a conspiracy.
Besides globalization itself is a relatively a new phenomenon and we did get started on that.
Also merely blaming these policies for slow growth is wrong. India has a range of socio-religious problems, which just can't go hand in hand with requirements for high growth economies, that is things like high quality public education, equality of access to opportunity, a degree of fairness in society and focus towards larger goals etc. India is just not there yet. Even domestic political goals are just something else.
Basically India is trying to make Biryani out of Idly batter.