The journey of India's economy, a decade after the country's freedom from the British rule, can be taken into consideration. In 1960, the GDP of India stood at 37.68 billion USD. By 1970, its GDP reached 63.52 billion USD. In the year, 1980, India's GDP stood at 189.6 billion USD. In 1990, India's GDP stood at 326.6 billion USD. 476.6 billion USD was the mark touched by India, in 2000. According to the 2010 report, India's GDP touched 1.708 trillion USD. The 2013 report on India's economy states that its GDP stood at 1.877 trillion. On the other hand China touched the peak of 9.24 trillion USD in 2013.
China touched the trillion mark
in 1998(the GDP at 1.019 trillion USD) but India had to wait until 2007(the GDP at 1.239 USD). This is almost a difference of a decade. In 1963, when China's GDP was 50.1 billion USD, India too stood close to the same mark(49.27) Since then the gap has been steadily getting widened.
In 1960, India's GDP stood at 37.68 billion USD and China's GDP
at 59.18 billion USD. The differenceof these GDPs is 21.5 billion USD
which has been increasing dramatically since then.
What factors could be responsible for the incredible and drastic change in the chinese economy between the decade before 1963 and after ?
Certainly, the communist party should have played a significant role in propelling the Chinese economy.
The fact that a smart leadership and administration gives a desired shape to the economy of a country. Much of the fate of the people of a nation, lies in the hands of the leadership. It is then, the the kind of political mechanism and the government machinery, that lubricates the wheels of prosperity.
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