How can India China comparison be conducted in terms of Growth and Development? India and China are both superpowers and developing nations in every aspect. In terms of economy and development, India and China are often compared to one another. Be it border tension between India-China or the Maldives crisis, the comparison is done at every level. Is comparing China with India justified?
India was recently in news for being the ‘World’s Fastest-Growing Economy’ surpassing China. The India-China economy growth comparison has since become a prime-time discussion for international media. Discussing the economic growth figures, the economy of India grew at 7.2% from Oct-Dec, 2017 and the annual 2017 GDP growth of China was recorded at a 6.9% and 6.8% from Oct-Dec, 2017.
India-China at Different Stages of Development
As reported in the Global Times, the Director of the Centre for Asia-Pacific studies states that, while India may have a stronger growth in terms of economics, India-China are both at different stages of development and thus the comparison between the two lacks basis. He said that China is already past the stage of a momentous GDP surge.
According to an Indian banker, the rapid growth of Indian economy has promoted a better quality of life, especially for the middle-class Indians. Another Indian professional from the field of marketing stated that the surge in GDP has directly impacted the salary structures of people working for corporates, allowing them to spend more and live better.
India-China Share the Same Developmental Model
While the comparison continues to fuel, the fact is that both the countries share a similar model of development. China has already crossed the stage of cheap labour development; the stage India is currently at. If the models are same then a similar fate for India can also be expected as China experienced- a surge in GDP followed by a crawling growth.
In fact, the two nations can actually benefit from learning from one another rather than constantly focusing on an India-China race to be better. China can teach India the ways and measures for effective and timely project completions and China can learn how India has made a global mark in the services industry. However, with India-China political and security tensions, the impact may be seen on developmental and growth ties too.
Will India-China bury the hatchet to continue building their economy and developmental goals?