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India and China – NYT

December 7th, 2002 · No Comments

NYTimes has an analysis of how India is falling behind China:

India’s continued backwardness compared with its neighbor across the Himalayas has become a national obsession. The world’s two most populous countries, China and India were close economic rivals just two decades ago, each struggling to bring progress to vast numbers of impoverished peasants.

But now China, by quickly converting much of its economy to an unfettered and even rapacious version of capitalism, has surged far ahead. The average Chinese citizen now earns $890 a year, compared with $460 for the typical Indian, according to the World Bank.

Only slightly more numerous than Indians these days, Chinese citizens now buy one-third more cars and light trucks each year, 3 times as many television sets and 12 times as many air conditioners. China has high-speed freeways, modern airports and highly efficient ports that are helping it dominate a growing number of manufacturing industries.

India’s potholed roads, aging airports and clogged ports make exports difficult. China attracted as much foreign investment last month as India did all of last year.

Tags: Emerging Markets

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