Monday, July 26, 2010
India and China: ‘Myths’ of economic growth
July 22, 2010 - By Soutik Biswas
The twin stories of India and China are the most dramatic in the world economy. In 1820, the two countries contributed to nearly half of the world’s income. In 1950, their share was less than a tenth; and currently the two contribute to a fifth. By 2025, their share of world income will be a third, according to projections.
China, of course, hogs most of the glory. India was ahead of China in 1870 as well as in the 1970s in terms of per capita income levels at international prices. But since 1990, China has surged ahead of India - China’s per capita income growth in the past two decades has been at least double the rate that of India.
Read the full story on BBC news!
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