What is the economy of China and India?

“In nominal terms, Chinese GDP is at $14.9 trillion while India is at $2.6 trillion. Expressed in comparable PPP terms, China is at $24.2 trillion while India is at $8.7 trillion.

Which is the richest country between China and India?

There are about 300 million Chinese farmers. China is followed by Japan with $4.91 trillion, India with $2.29 trillion, and South Korea with $1.59 trillion. Below are the ten richest Asian countries in terms of GDP, according to the International Monetary Fund (IMF).

What is the current status Indian economy?

India’s real gross domestic product (GDP) at current prices stood at Rs. 135.13 lakh crore (US$ 1.82 trillion) in FY21, as per the provisional estimates of annual national income for 2020-21.

What is significant about the economic growth rates of China and India?

However, China and India together comprise over a third of the world’s population; and since 1980, they have achieved remarkable rates of economic growth and poverty reduction. Since then, GDP per capita has more than doubled in India and has increased a remarkable 7-fold in China.

Is India dependent on China?

China accounted for 5% of India’s exports and 14 % of India’s imports in 2019. China forms an integral part of the global supply chain, and India too is heavily dependent on Chinese imports, ranging from a variety of raw materials to critical components.

Who is the richest man in Asia?

Mukesh Ambani
Reliance Industries promoter Mukesh Ambani remains the wealthiest businessman in Asia with a networth of around $76.5 billion, according to Bloomberg data.

Who is the father of Indian economy?

Narasimha Rao. Osmania University (B.A.) Nagpur University (LL.M.) listen); 28 June 1921 – 23 December 2004) was an Indian lawyer and politician who served as the 9th Prime Minister of India from 1991 to 1996.

What is the main problem in Indian economy?

The primary economic issues in India are: Low per capita income. Huge dependence of population on agriculture. Heavy population pressure.

What type of economy is China?

Since the introduction of Deng Xiaoping’s economic reforms, China has what economists call a socialist market economy – one in which a dominant state-owned enterprises sector exists in parallel with market capitalism and private ownership.

Is India dependent on any country?

Countries considered India’s closest include the Russian Federation, Israel, Afghanistan, France, Bhutan, Bangladesh, and the United States. Russia is the largest supplier of military equipment to India, followed by Israel and France.

What is the relationship between China and India?

China – India relations, also called Sino-Indian relations or Indo-Chinese relations, refers to the bilateral relationship between the People’s Republic of China (PRC) and the Republic of India . Although the relationship has been cordial, there are border disputes and an economic competition between the two countries… Nov 24 2019

What type of economy does India have?

Economic System of India India’s Economic System. The type of Economic System of India is a Mixed Economic System. Fiscal and Monetary Policy. It is well known that the major reason for fiscal policy is to specifically deal more with the expenditure and taxation decisions of the Indian government. Competition Policy.

What kind of economy does China have?

China operates as a socialist market economy, which is characterized by state-owned enterprises and public ownership within a market economy. By definition, a market economy is one in which key decisions in the economy are controlled by supply and demand, which are the two key factors that influence prices.

How does China impact the global economy?

China, with its giant economy, has a huge influence on world economies, particularly those related to China. A decrease in domestic demand in China can adversely impact the world economy and slow down global economic growth.