communism and the largest democracy on earth keep boosting their flourishing economy. The competition between these two powers is quite fierce, but by a GDP growth of 8.5% in 2008, however, China still takes the lead in the race of economic development. Facing such a condition, Indians are optimistic. “China may win the sprint, but India will win the marathon.” Said Kamal Nath, India’s energetic minister of commerce and industry. (Hoagland) Will India finally overtake China after a few decades? It’s quite
Compare and Contrast the recent growth of India and China The world has been rapidly evolving for the last several decades, and the trend of growth is indicative of a shift in the balance of economic power from the West, to the Eastern powerhouses of India and China. Both countries have been growing at phenomenal rates as compared to global standards and have achieved incredibly high GDP growth rates of 6.4% and 9.2% respectively. This growth can be attributed to many factors, such as the opening
system”. Different forms of government made the two counties obviously contrast in the way of making a national decision and the acceptance level in world-wide. In the present world, same political system means the same thinking system, and more easy way of communication. Although the road of socialism with Chinese characteristics is under Chinese feet, the advantage of politics goes to India, whose blood is capitalist. In the economic area, China and India are quite different in
communist in 1949, many world leaders and scholars have come to view the economic, social and political performance of the two Asian giants as the best testimony of which is the better approach to modernity for developing countries (Gilley 21). Current scholarly interest tends to focus more on evaluating the different development models that China and India embrace. It is easy to find works contrasting the two countries’ economic reforms, political systems, social progress and human development, yet direct
Foreign Direct Investments (FDI) in developing nations, and a closer look at China and India. The paper also looks at how direct relationship investments are established, the effect of globalization and the emergence of new trade relationships to economics. Also discussed are foreign direct investment patterns and major trends and the International Monetary Fund defining foreign direct investment as a category of international investment, reflecting the objective of a resident in one economy obtaining
the mid-60s, most policy makers agreed that the market economy did not lead to development in many countries. According to Stiglitz, it was during this period that the economic theory of “market failures” was better understood. This notion, evicted the once indisputable fact that profit maximizing firms necessarily lead to “economic efficiency or societal well-being” (Stiglitz, 2013, p.7). Accordingly, many countries turned to industrial policy and tried to address the market failures through targeted
Since the economic reforms in 1978, China has entered a period of rapid cultural changes. The new generations tend to be more individualistic and materialistic, as reflected throughout Qin’s thoughts and actions. 1. Who Are the New Generations? Economic development, political transformation, and cultural change often go together in a coherent pattern. Sun listed two driving forces behind the changing cultural landscape in China: “One is a domestic force, which stems from the market economic reforms
Describe and explain the rapid economic development of 2nd and 3rd generation NICs – pay particular attention to the factors responsible for the transformation of China and India into power houses of economic growth Globalisation – something which had caused a huge impact on the economies and development of countries around the world, causing them to rapidly industrialise into powerhouses of manufacturing industries and form densely populated areas to accommodate and sustain these hasty changes
Indian Economy: Current Problems and Future Prospects T. N. Srinivasan* I am grateful to Dr. Rangarajan for giving me the opportunity to address a distinguished audience composed of the faculty and students of the ICFAI Business School, and also senior economic journalists whose columns I have read and benefited from over a long time. I am honoured by the fact that so many of you have chosen to be present when more attractive opportunities to listen to classical music at many sabhas in the city are
and allied sectors like forestry andfisheries accounted for 16.6% of the GDP in 2009, about 50% of the total workforce.[1] The economic contribution of agriculture to India's GDP is steadily declining with the country's broad-based economic growth. Still, agriculture is demographically the broadest economic sector and plays a significant role in the overall socio-economic fabric of India. [edit] Overview Per 2010 FAO world agriculture statistics, India is the world's largest producer of many fresh