Indian media – as well as several official representatives of the government – are full of excitement at the possibility that in the coming year India’s rate of growth of economic activity might actually be higher than that of China. It is not just that the extremely rapid growth of the giant Asian neighbour is slowing down substantially, but also that India’s GDP growth is projected to be higher than before, and the CSO’s latest revisions to the GDP estimates suggest that the recent deceleration was less sharp than generally perceived.
But as it happens, over the past two decades the differential performance of the two economies has been such that – even with the recent slowdown – China is still likely to account for a larger contribution to global GDP growth than India for some time to come, simply because of its much greater size.....Triple Crisis
China and India in the World Economy
C.P. Chandrasekhar and Jayati Ghosh
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