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Rank:

11th (nominal) / 3rd (PPP) GDP: $1.676 trillion (nominal: 11th; 2011) $4.457 trillion (PPP: 3rd; 2011) GDP growth: 6.1% (Q3, 2011-12) GDP per capita: $1,389 (nominal: 140th;2011) $3,694 (PPP: 129th; 2011) GDP by sector: agriculture: 18.1%, industry: 26.3%, services: 55.6% (2011) Labour force: 487.6 million (2011) Unemployment: 9.8% (2011) Ease of Doing Business Rank: 132nd (2012)

Rank:

2nd (nominal) / 2nd (PPP) GDP: $7.74 trillion (nominal: 2nd; 2012) $12.46 trillion (PPP: 2nd; 2012) GDP growth: 9.5% (major economies: 2nd; 2011) GDP per capita: $5,184 (nominal: 90st; 2011) $8,394 (PPP: 90th; 2011) GDP by sector: Industry (46.8%), services (43.6%), agriculture (9.6%) (2010 ) Labour force: 780 million (1st; 2010) Unemployment: 4.2% (July 2010) Ease of Doing Business Rank: 91st

Facts

India

China

GDP

around $1.209 trillion

around $7.8 trillion

GDP growth

6.7%

9.1%

Per capital GDP

$1016

$6,100

Inflation

7.8 %

-1.2 %

Labor Force

523.5 million

807.7 million

Unemployment

6.8 %

4.3 %

Parameter GDP growth rate

India China India is poised to achieve the 9 per cent In the first three quarters of this year, economic growth in the current financial China's GDP grew by over 10 per cent. year itself, driven by the robust The gross domestic product (GDP) performance of agriculture and industry grew 9.6 percent in the third quarter. sectors. The economy grew by 8.9 per cent in the second quarter of the current fiscal.

GDP per capita

$3290 $7518 Inflation stands at 9.8%. Inflation stands at 4.40%. Around 70 crore (700 million) Indians About 10 per cent of the Chinese live on $2 per day or less, but there is a population (down from 64 per cent in growing middle class population of 1978) live below the poverty line of about 30 crore (300 million) with a rising $1 per day. disposable income that is creating an unprecedented consumer boom in the country. Economic Reforms In the 1990s's India ushering in economic In the 1970s, reforms called 'Four reforms that saw the country transform modernizations improved agriculture, industry, technology and defense, from a socialist economy to a market heralding a fast pace of growth and economy. The liberalization of the rise in living standards. In the 1990s, economy led to high economic growth the Chinese economy continued to and industrialization. grow at a rapid pace, at around 9.5

Chinas

roaring success in past twenty years is on the back of Foreign Direct Investment (FDI). Chinese smartened up in 1980 and enacted rules and regulations to welcome it. Leaders brought up with Nehruvian economic mould spurned upon it. Hence India missed the investment bus for almost 25 years.

Today,

we have to compete with China for investment dollars. Tomorrow we have to compete for trade and market influence in Indian Ocean Littoral States and South China Sea. Today, China has an upper hand. Little later this upper hand has to make room for India. This strategic partnership with US will take time to build. Top priority is to be given to the economy. A booming economy will always curtail outside troublemakers enthusiasm.

The

biggest obstacle to growth of 9% or more is India's infrastructureespecially its lousy roads, ports and power. According to the World Bank, the average manufacturing firm loses 8% of sales each year from power cuts. India spends 4% of its GDP on infrastructure investment, compared with China's 9%. In absolute dollar terms, China spends seven times as much on its infrastructure.

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