Critical evaluation of growth strategies: India and China
Parikshit K. Basu
Purpose – This paper aims to attempt to compare the development strategies and achievements of India and China in the last 50 years and to analyse the challenges lying ahead if the trend continues. Design/methodology/approach – The paper critically evaluates the growth strategies of the two economies. Changes in approaches, achievements and failures are analysed using materials from past research and secondary data. Impacts of economic reform process and economic management capabilities have been evaluated. Critical analysis is the main approach of the paper. Findings – Based on the experiences of economic growth so far with reformed and open economies, India can learn several things from China. China has achieved better results based on investment-driven export-oriented policies that may not be sustainable in the long run. It has so far ignored the socio-political issues, which can have very serious consequences in the future. Relatively slower economic growth in India is based on stronger socio-economic foundations. Mutually beneficial economic cooperation between the two economies and rising interdependence with regional and global powers should provide a better future. Originality/value – The paper provides a comprehensive picture of strategies, outcomes and possibilities. It links past development strategies to future challenges. It may be of value to researchers and policy makers in both economies while considering future directions.
China, Economic cooperation, Economic doctrines, Economic growth, India, Strategic choices
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