How have the economies of India and China performed in the last two decades?

How have the economies of India and China performed in the last two decades?

In 1980, India had a per capita income of $582, which was nearly 2 times of Chinese per capita GDP of $307.

Advertisement
In the last 10 years under the BJP-led NDA government, the Indian economy has increased 93% from $2.04 trillion in 2014 to $3.93 trillion.In the last 10 years under the BJP-led NDA government, the Indian economy has increased 93% from $2.04 trillion in 2014 to $3.93 trillion.
https://akm-img-a-in.tosshub.com/businesstoday/2023-02/prince.jpg
Prince Tyagi
  • Aug 25, 2024,
  • Updated Aug 25, 2024 8:18 AM IST

India and China are the world’s top two most populous countries; both nations have large landmasses, ancient civilisations, nuclear capabilities, powerful armies, and strong geopolitical significance. However, similarities end here; while China is the second largest economy, India is still an emerging economic power. In the 1980s, there was not much difference between the sizes of economies of the two countries; in fact, in the 1980s, India had a higher per capita income than China. However, in 2024, China is way ahead in terms of GDP size, per capita income, and share in global exports.

Advertisement

Related Articles

: World Bank data showed that China is the world’s biggest exporter, with the value of goods and services exported in 2023 standing at $3.5 trillion. It has nearly 14% share in global exports in 2023, as per a McKinsey report. On the other hand, India is the tenth biggest exporter, with exports valued at $0.78 trillion. Chinese exports are nearly five times higher than India.

Now most experts suggest that India can also emerge as a major global power and one of the largest economies if we keep the growth momentum while focussing on infrastructure development and domestic manufacturing, besides maintaining fiscal discipline.

India and China are the world’s top two most populous countries; both nations have large landmasses, ancient civilisations, nuclear capabilities, powerful armies, and strong geopolitical significance. However, similarities end here; while China is the second largest economy, India is still an emerging economic power. In the 1980s, there was not much difference between the sizes of economies of the two countries; in fact, in the 1980s, India had a higher per capita income than China. However, in 2024, China is way ahead in terms of GDP size, per capita income, and share in global exports.

Advertisement

Related Articles

: World Bank data showed that China is the world’s biggest exporter, with the value of goods and services exported in 2023 standing at $3.5 trillion. It has nearly 14% share in global exports in 2023, as per a McKinsey report. On the other hand, India is the tenth biggest exporter, with exports valued at $0.78 trillion. Chinese exports are nearly five times higher than India.

Now most experts suggest that India can also emerge as a major global power and one of the largest economies if we keep the growth momentum while focussing on infrastructure development and domestic manufacturing, besides maintaining fiscal discipline.

Read more!
Advertisement