China and India both are the two fastest growing major economies of the world but China precedes India by a great margin as far as Economic growth and development is concerned. The exceptional accomplishments by both the economies of China and India brought a new balance of power and capability in the world economy. China and India are extremely antediluvian civilizations and the economies of these countries are affected by the various factors such as economic, political, social, geographic, etc.
Chinese economy Vs Indian economy: China is the Second largest economy in the world, with growth rates averaging 10% for the last 30 years whereas India is the Eleventh largest economy with the overall growth rate averaging 6.5%. GDP of China and India are expected to evolve rapidly over the period of time. It is believed that China will emerge as too big economy and India will have better investor returns as compared to China. India cataloged the highest growth rates in mid 2000s.
The world economy which is dominated by mighty USA would be ruled by China. According to Economists, In 2018 China will transcend USA to become world’s largest economy. There are various factors which developed China into a better economy as compared to India. As India was underneath the dominance of British for the period of 190 years which depleted the resources of the country to the large amount and the country suffered a prolonged economic loss. But China never faced any sort of colonization due to that China relished well planned economic pattern which made China more powerful. The growth in GDP brought lighting increase in the manufacturing sectors in the country which resulted in production of high tech goods on huge extent. This benefited manufacturing firms such as Lenovo, Huawei Technologies, etc. As per survey report, growth rate of China and India roused due to contribution of institutional investors in their respective economies.
The population of China is more than 1.3 billion making it the world’s most populated country whereas India is the second largest populated country in the world with 1.2 billion people. The population of India is advancing quickly and is expected to surpass China in 2030. Although the geographic land of India is one third of China. Population of India is growing at an annual rate of 1.3% as correlated to China’s 0.5 %.
China has very well developed and advanced infrastructure as compared to India. The major aspects that made an absolute distinctness between China and India are manpower and labor development, water management, health care facilities and services, communication, civic amenities, etc. These features are well established and have a definite outcome on its economy, whereas India is a developing country and still faces difficulty and trouble of poverty, unemployment, lack of civic amenities, etc.
Agriculture Sector is also a major factor of economic comparison between India and China. It configures a major economic sector for both the Asian Giants. However, the agricultural sector of China is much balanced and established as compared to that of India. In India, many farmers are still using the very old and traditional techniques for cultivation whereas the techniques followed by China are very much developed and advanced. Utilization of advanced and new technology resulted in better quality of crops.
Development in Science and Technology also plays an important role in development of economy. Both these countries are quickly improving and advancing their technologies. There have been tremendous advancement and development of technology for the countries over the period of time. China is market leader in hardware technology, whereas India is champion in software sector.
As far as the politics is concerned, the political system of China is communist which is favorable and effective to economic growth and development but lack of freedom of expression and freedom of speech, everything is censored, human rights have less values, whereas the political system of India is democratic,but delays the economic growth and development of the country, but has more freedom of thoughts and expressions, since its largest democracy.
The rate of investment in China was in between 35% and 44% for the last 25 years, whereas the rate of investment in India was in between 20% and 26%. The investment on infrastructure in India was averaged to 2% whereas in China it was 19% of GDP.
China has over 22.55 lakh military squad and 9000 aircrafts with 2000 fighter planes whereas India has 13.25 lakh military squad and 3000 aircrafts with 790 fighter planes. Indian Army has 10,340 land based weapons, 3,898 tanks, 4175 towed artillery. China Army has 31,300 land based weapons, 8,200 tanks, 14,000 towed artillery. Indian Navy is the Eighth largest navy in the world with fleets of 145 vessels including missile capable warships, advanced submarines, new naval aircrafts and aircraft carriers. Indian Navy is experienced and well trained in combat as well as rescue operations. On the other hand, China’s Navy has fleet of 284 vessels is numerically excessive than Indian Navy, but lacks war experience. In terms of nuclear power, China is much advanced that of India’s nuclear forces with 200-400 active nuclear warheads whereas India’s nuclear force is believed to have about 50-70 nuclear warheads.