I found these statistics about chinese and Indian Economy, and it makes an interesting reading. These numbers suggest that we were neck to neck with Chinese about 20 years ago and today we are about 10 years behind with Chinese. If china continues to grow the way it has in last 10 years, and we don’t do some serious catching up, we will probably loose out.
But, our leaders seem to be too busy running up scams after scams, while helping their industrialist masters. We need to have single minded focus on improving our export performance – we seriously lag behind on this even in comparison to 1990 china! We need to build infrastructure to allow such exports. We need to have easier norms of labor to create large manufacturing factories. Today’s laws and rules are primed for delays and inefficiency and higher cost. For all this – We need to reform our governance to allow for rapid build up of infrastructure and business. It doesn’t seem we can grow to the size of China with an American model of consumption led economy – We are too large a nation for that.
So, it all boils down to change the way we do things. Retrain our bureaucracy and retrench the deadwood within the govt. to make rapid growth in country’s revenues and thus standard of living possible.
FDI inflow (at current prices)
|China||$3.5 bn||$38.4 bn||$78.2 bn|
|India||$236.7 mn||$3.6 bn||$34.6 bn|
Net exports of goods and services as percentage of GDP
GDP (at current prices)
|China||$356.9 bn||$1.20 trillion||$4.98 trillion|
|India||$317.5 bn||$460.2 bn||$1.31 trillion|
Annual GDP growth (%)
GDP per capita (at current prices)
Gross domestic investment as percentage of GDP