The Growth of each and every country depends upon the economy of the country. When it comes to India & China’s Economy then, we all know over the years both the countries are enjoying good growth. The question today is which country’s economic prospects are brighter than the other? Who is the winner in India economy vs China economy battle? Well, the answer to this question lies in the reports and the judgements of the past years. Since the 1970s, China has made many efforts to make a paradigm shift from the closed, centrally planned system to the more market-oriented. On the other hand, India is developing into an open-market economy. In 2015, as per the reports, the Indian economy has overtaken China’s growth and is expected to be far better than the previous year in 2016.
According to a survey, it has been estimated by International Monetary Fund and The World Bank of India, that India has seen a growth of 7.5per cent in 2015 and planning to achieve more in the future. Well, it really is a hard task to compare India’s & China’s economy. These are the world’s largest and diverse nations influenced by a number of social, political, economic and other factors.
The economy of China is more developed than the Economy of India. In terms of the exchange rates, India is the country that is ranked as the 11th country whereas China occupies second position. In terms of figures, China has an average GDP of around $4909.28 billion compared to the estimated $1.3123 trillion GDP of India. It is really very important to have an estimate of the facts of the countries. The reason why China Economy is far better than India includes its higher GDP, GDP growth, Per Capital GDP, Inflation and more. To know more about take a look at the chart given below:
|GDP||around $1.3123 trillion||around 4909.28 billion|
|Per capital GDP||$1124||$7,518|
|Labour Force||467 million||813.5 million|
From all this we can see, India is less than half as rich as China and there is a need for India to make efforts to fasten its economy growth as China. Among the other countries, India and China are outperforming and rebalancing their economy growth. To create a healthy and dynamic free society, it is highly important to improve the economy of the country.