The comparison between India and China now seems to be one of the favorite topics of discussion across the Indian community. Reportonbusiness.com says that it has become the national pastime, and I wholly agree to it. India has been in shadows for last 2 or 3 decades, with the China hogging the limelight for its magical growth story since early eighties.
This article has some interesting comparisons between India and China. Here are some of the excerpts:
India’s economic growth touched 9.2 per cent last year, just short of China’s 10.4 per cent. This year things are going even better. With one estimate putting growth at a seasonally adjusted 11.4 per cent in the first quarter, India might even overtake China to become the world’s fastest-growing economy in 2007.
The competition between the two Asian giants – both ancient civilizations, each with more than one billion people – is the great race of the early 21st century, and Indians are watching it with excitement and fierce pride.
Actually is you look at the numbers, Chinese Dragon does looks to have a very big lead over India. However, sometimes the numbers do not give the complete picture. The biggest drawback for China is a very closed and fragile economy, which is at very high risk as compared to a more liberalized and democratic Indian economy.
Here are the numbers:
|Gross Domestic Product||$2.7 trillion||$ 1.01 trillion|
|Per Capita GDP||$2069||$840|
|Exports||$974 Billion||$112 Billion|
|Foreign Exchange Reserves||$1.2 trillion||$211 Billion|
|Population below Poverty line||10%||25%|
|Human Development index (U.N)
out of 177 countries
|Ave. birth per women||1.7||3.1|
|% population under 15 years||22||39.8|
|% population malnourished||12||20|
|mortality rate under 5yrs (per 1000)||31||85|
So if you see this table except young population, India is behind China currently by long margin. However, as mentioned earlier only numbers do not give the correct picture. Stay tuned to this blog for more posts giving you comparisons and future outlook of India and China.
Do you think India will surpass China ? If yes, when ?