Although, India and China have different in terms of political systems, the infrastructure and attitude towards growth but they are aggressively pursuing economic liberalization, privatization and globalization (LPG) for development. Both the countries put emphasis on science, information & communication technology (ICT), and exports as a basis for their growth. Their strategic paths for economic development are remarkably different from each other. China's strategy is methodical and organized, while that of India's is opportunistic, unsystematic, ambiguous and unorganized.
Guided by the firm hands of the government, China's approach to development has been very positive as compare to India. China has a greater control over its economic policies than India. India and China both are continuously showing increasing share in world market. The results might be far from perfect; yet their development is creating strong blocks in the world economy in general and developing one in particular.
Further, the urban-rural economic divide and the impact on the environment, unemployment rate especially in India and widening of poverty line etc. may be worsening further in coming years. Precisely, India is attempting to plough back from a predominantly agricultural economy to a knowledge-based service economy and to attain to; it has fixed a target with no shift of significant labor force from agricultural sector to service or industry sector.
Infact, India's infrastructure investment is very low; it is around 2% in comparison to China where it is 9%. The structure of primary sector has fallen from 60% to 25% in the last almost six decades in India, its growth has shown very uneven pattern of development. The work force has not changed, as more than 51% of labor force is still linked with Agriculture in comparison to china where it is only 34.8%.
Development, Entrepreneurship, Economy, Service, Agriculture
