write 2points on economic condition of India in comparison to china. merits of indian economy condition compared to china.
Answers
China and India are the two emerging economies of the world. As of 2019, China and India is 2nd and 5th largest country of the world, respectively in nominal basis. On PPP basis, China is at 1st and India is at 3rd place. Both countries together share 19.46% and 27.18% of total global wealth in nominal and PPP terms, respectively. Among Asian countries, China and India together contribute more than half of Asia's GDP.
Explanation:
China and India are the two emerging economies of the world. As of 2019, China and India is 2nd and 5th largest country of the world, respectively in nominal basis. On PPP basis, China is at 1st and India is at 3rd place. Both countries together share 19.46% and 27.18% of total global wealth in nominal and PPP terms, respectively. Among Asian countries, China and India together contribute more than half of Asia's GDP.
In 1987, GDP (Nominal) of both countries was almost equal. But in 2019, China's gdp is 4.78 times greater than India. On ppp basis, GDP of China is 2.38x of India. China crossed $1 trillion mark in 1998 while India crossed 9 year later in 2007 at exchange rate basis.
Both countries has been neck-to-neck in gdp per capita terms. As per both method, India was richer than China in 1990. Now in 2019, China is almost 4.61 times richer than India in nominal method and 2.30 times richer in ppp method. Per capita rank of China and India is 72th and 145th, resp, in nominal. Per capita rank of China and India is 75th and 126th, resp, in ppp.
China attains maximum gdp growth rate of 19.30% in year 1970 and minimum -27.27% in 1961. India reached an all time high of 9.63% in 1988 and a record low of -5.24% in 1979. During period 1961 to 2018, China grew by more than 10% in 22 years while India never. GDP growth rate was negative in five and four years for China and India, respectively.
According to CIA Fackbook sector wise GDP composition of India in 2017 are as follows : Agriculture (15.4%), Industry (23%) and Services (61.5%). Sector wise GDP composition of China in 2017 are : Agriculture (8.3%), Industry (39.5%) and Services (52.2%).
HOPE IT HELPS