Comment on the growth rate trends witnessed in China and India in the last two decades.
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China has the second largest GDP (PPP) of $ 10.1 trillion whereas India's GDP (PPP) is $ 4.2 trillion. When many developed countries were finding it difficult to maintain a growth rate of even 5%, China was able to maintain near double-digit growth for more than two decades as can be seen from table. Growth of Gross Domestic Product (%) 2000-2010.
Source Key indicators far Asia and Pacific 2011, Asian Development Bank, Philippines In the 1980s, China was having double-digit growth and India was stuck at 5.7% decadal growth rate. In 2000-10, there was a marginal decline if India's growth rate while China maintained its growth path. As far as sector wise contribution to growth is concerned, in 2008, contribution of agriculture to GDP in China was 10% while in India It was 19%. On the other hand manufacturing contributes the highest to GDP in China at 47%, whereas in India service sector contributes the highest at around 55%. In the last two decades, the growth of agriculture sector has declined-in both the countries. In the industrial sector, China has maintained a double-digit growth rate, whereas for India industrial growth rate has declined. In the case of service sector, China has been able to raise its rate of growth in 2008-10 while service sector growth in India has stagnated. China's growth is mainly contributed by the manufacturing sector and India's growth by service sector.
|
Country
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1980-90
|
2005-2013
|
|
India
China
|
5.7
10.3
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7.4
10.3
|
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