In the 2000s, India was often coupled with China. At a time when we were growing at 8 and 9 per cent annually, many argued we were just a step behind China, having begun reforms a decade later. The 2010s changed that, as our growth rate fell, and China continued to grow rich. It is worth reminding ourselves that from the same per capita and overall gross domestic product (GDP) in 1980, China is today over five times India. At $11,000 per capita, it has a $14-trillion economy, to India’s $2000 per capita and $2.7-trillion economy. China’s manufacturing sector is eight times India’s, at $4 trillion, to India’s $500 billion. China exported $65 billion to India last year, almost all manufactured goods; we exported $21 billion to China, largely commodities.
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First Published: Wed, December 08 2021. 23:35 IST