H C Singh

India and China Shine

According to International Monetary Fund (IMF) GDP growth of China and India is the highest in the entire world. India comes as number one because India is a democracy while, though China’s GDP, set to grow during 2010, is a little higher, China is a dictatorship with controlled economy, though with doses of liberalism. However it is heartening to note that whole of Europe America and even Japan are far behind in GDP growth. According to latest IMF figures of GDP growth during 2010 of selected important countries of the world is as under:

High growth countries of GDP

China – 10.5%

India – 9.5%

Brazil – 7.1%

Modest growth of GDP

Mexico – 4.5%

Russia – 4.1%

USA – 3.3%

Slow growth of GDP

Japan – 2.4%

France – 1.4%

Germany – 1.4%

UK – 1.3%

Negative growth of GDP

Spain (-) 0.4%

There are more than one hundred countries whose growth of GDP% has not been mentioned in the Newspapers. There are countries of Europe like Holland, Denmark, Italy and Portugal as well as Czechoslovakia and other countries of Eastern Europe. No country of Middle East and Africa has been mentioned. P-rosperous countries like Turkey, South Africa, Australia and New Zealand have been forgotten.

Just as Chinas high GDP is because of China’s dictatorship under Maoist communism but India’s highest GDP amongst Democracies of the world is despite India’s 30 per cent people living below poverty line and most of them not in regular organized or unorganized employment because they are either landless farmers or from so called SC and other backward classes. In addition India’s polities and political parties are not stable. Besides there are many corrupt leaders of political parties, other politician and even civil servants and some army officers.

In spite of all these shortcomings India is shining because of industrial growth which is highest, mainly due to cheap labour. A worker in American and European industry costs 50 times more than an Indian worker. Thus India’s achievement is remarkable in export of textiles, handicrafts etc. In addition India’s Technocrats of information technology, Business managers and doctors as well as world famous entrepreneur like Mittals amongst the Richest ten people of the world. They have done India proud and has contributed the most in India’s growth to make India shine, almost the most, in the comity of nations.

July 13, 2010 Posted by | India, Indian Economy, USA, World | , , , , , | 1 Comment