Therefore, even if a large slice of their population remains in poverty, the economies of China and India are completely integrated into the world markets and financial exchanges, making the development of these two key countries important to maintaining a peaceful international scene during the 21st Century. Following the financial crisis of and the difficulty faced by the main world powers in maintaining a sustainable economic growth, China and India are among the few economies to record a positive rate of growth. Many hope that a closer collaboration among these two colossus may lead the rest of the world to break the negative trend of the worldwide economy. Nevertheless, when China and India are more closely and meticulously compared, the profound difference in development between the dragon and the elephant is immediately noticeable, with the former having a decisive advantage over the latter.
Hence development goals have varied from plan to plan, depending upon the immediate problems and situations faced during each plan. However the common goals of economic planning of India are as follows: Economic growth refers to the growth of countries production as well as productivity.
Hence one of the objectives of economic planning is to ensure economic and social justice. This objectives has three dimension- a Deduction in economic inequality.
Self-reliance implies avoiding dependents on import of those goods which could be produced in the country itself.
The goal of self-reliance was emphasized in order to reduce a dependent on foreign country. This objective has many aspects such as expansion of exports, substitutions of imports, self-reliance in food grains, defense equipment and capital goods. Development of heavy and basic industries is very essential for creating strong industrial based in the country.
Heavy industries require high investment and they have long gestation period but low profitability. Hence these industries do not find favour with the private sector.
Thus public sector has to play leading role in the industrial development. Besides this, public sector can also help in the redistribution of income and prevention of concentration of economic power. It can also help to ensure balanced regional growth.
After four decades of development planning Indian economy was stagnant and sick economy under the vicious circle of poverty unemployment, inflation, lack of money, death and global imbalances, balance of payment disequilibrium. Thus Indian economic scenario in was very much depressing as the economy was on the bunk of the collapse.
Inflation was out of control. Exports were declining foreign exchange reserve had decline to no more than two weeks import and industry was virtually crippled.
Meaning and objectives of Economic Reforms — After the four decades of economics planning it was realized that many of the control and regulation on economic activity had lost their usefulness and worked infect rather than helping, growth and development.
Therefore it was needed to give the highest priority to restore macroeconomic stability and to bring the economy back to a part of rapid and equitable economic growth. A set of stabilization and structural adjustment measure started since Julyin response to the emerging crisis is termed as new economic policy or new economic reforms.
Broad directions of New Economic Policy: New economic policy can be classified into two main groups — stabilization measure and structural reform measure. Stabilization measure refers to the policies intended to restore viability to the balance of payment to bring inflation under control.
On the other hand, structural reform policies were long termed measure aimed at improving the efficiency of the economy and increasing its international competitiveness.
An economic policy which gives relaxations to enable entrepreneurs to make their decisions themselves and open freedom to economic activities at all levels is termed as policy of economic liberalization. Industry policy reforms — In post-independence India were raised tariff walls to protect our industrial development and raised subsidies.
We also control the old private sector with device of licensing system.ECONOMICS PROJECT Indian Economy V/S Chinese Economy A Comparative Study Submitted To: Dr.
Shakira Khan Submitted By: Ankit Dabral MBA (13MSM16) 2. Indian Economy V/S Chinese Economy Page | 1 COMPARISON BETWEEN INDIAN AND CHINESE ECONOMY India & China, two of the Asian giants have locked horns against one another to become a world superpower.
Comparative studies between China and India are becoming more popular now in the international level. China and India are among the largest economies in the world today.
The Chinese economy has surpassed India by a wide margin over the past 15 years. A Comparative Study of Family Values between China and America Introduction We were born into a family， mature in a family， form new families， and leave them at our death. Family life is a universal human experience.
As in India, in China too the foundations for growth were down in the pre-reform era (that is, before the Deng revolution of ). The foundations were much stronger in China than in India because of much better spread of educational facilities and health services.
ECONOMICS PROJECT Indian Economy V/S Chinese Economy A Comparative Study Submitted To: Dr. Shakira Khan Submitted By: Ankit Dabral MBA (13MSM16) 2. Indian Economy V/S Chinese Economy Page | 1 COMPARISON BETWEEN INDIAN AND CHINESE ECONOMY India & China, two of the Asian giants have locked horns .
Comparative studies between China and India are becoming more popular now in the international level. China and India are among the largest economies in the world today. The Chinese economy has surpassed India by a wide margin over the past 15 years.