Economic development of China and India -a comparative study for the period 1991-2010 Introduction:
An in depth study and analysis of India vs. China economy reveals that both India and China rank among the front runners of global economy and are among the world's most diverse nations. Both the countries were among the most ancient civilizations and their economies are influenced by a number of social, political, economic and other factors. China and India together account for about 37.5% of world population and 6.4% of the value of world output and income at current prices and exchange rates.
However, if we try to properly understand the various economic and market trends and features of the countries, we can make a very high level comparison between Indian and Chinese economy.
|Indicators |India |China | |Political System |Multi-party Democracy |One-party authoritarian rule | |Speed of Growth |Economic reforms started in 1991. |Economic reforms started in 1978. | | |Average 6% growth rate in past two |Average 9.5% growth rate in past two | | |decades |decades. | |Areas of Specialization |Rising power in software, design, |Dominant in mass manufacturing, | | |services, and precision industry. |electronics and heavy industrial | | | |plants | |Foreign Direct Investment |6.8% (up from 0.3% in 2004) |17.80% | |Future Areas of growth |R&D, bio-technology, high-value IT |IT business, services and continued | | |enabled services (legal, medical, |manufacturing | | |engineering architecture), | | | |manufacturing, agro-based industry | |
Below is a representation by nominal GDP from year 2006 to 2050 for India and China: Figures reflect data published in 2007
|Gross Domestic Product (nominal) [2006-2050] (in US$ billions) | | | | | |Categories | India | China | |Labour force |2nd |1st | |GDP (nominal) per capita |139th |98th | |GDP (PPP) per capita |128th |99th | |GDP (real) growth rate |28th |16th | |Human Development Index |134th |92nd | |Exports |23rd |1st | |Imports |15th |2nd | |Current account balance |169th |1st | |Received FDI |29th |5th | |Foreign exchange reserves...
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