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Question
Compare and analyse the following information related to Annual Growth of Gross Domestic Product (GDP) of India and China:
Annual Growth of Gross Domestic Product
| Country | 1980 - 90 | 2015 - 17 |
| India | 5.7 | 7.3 |
| China | 10.3 | 6.8 |
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Solution
Comparison and analysis of GDP growth of India and China:
- In 1980-1990, India's GDP growth rate was 5.7%, while in 2015-17, it was 7.3%.
- China's GDP growth rate was 10.3% between 1980 and 1990, and 6.8% between 2015 and 2017.
- Between 1980 and 1990, China was ahead of India, with China's GDP growth rate being twice that of India's. It was because China began economic reforms in 1978, however India has yet to begin economic reforms.
- China has prioritized the manufacturing sector and SEZs for foreign investment. India was suffering from industrial disease at the time due to its dependence on PSUs.
- In 2015-17, India was briefly ahead of China, but not by much. It was merely 0.5 percent. It was because India focused on manufacturing in the country under the Make In India Project.
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