China started to make it's presence on world economy after 1980 when den Xiaoping unleash economic reform. In other hand reform in india came after 10 years and the impact has been telling. In this race between dragon and elephant the was latter in the lead but after 80s china turned the tide.
In 1987, GDP (Nominal) of both countries was almost equal. But in 2019, China's gdp is 4.78 times greater than India. On ppp basis, GDP of China is 2.38x of India. China crossed $1 trillion mark in 1998 while India crossed 9 year later in 2007 at exchange rate basis.
China's humongous manufacturing ability is now global reality.it has been estimated that just one chinese city (yiwu) accounts of more than half of the world's trade in Christmas decorations.
India's trade deficit with china climb to58.7 million dollars. This is an uncomfortable situation. India need to find a solution to reduce the trade deficit. India at least start manufacturing things with not need a sophisticated alien technology.
'made in China's isn't restricted to cheap chinese goods anymore. Chinese manufacturing ability now leading the world in many department.
Image credit- 123ra.com
It has been estimated that cheap chinese goods constitute only 2% of total imports from China. India's major import from China's are electronics( $20 million) machinery($11 million) chemicals and steel( $8 million). India and china are both WTO Members and blanket ban can not be impose on any member contry under the WTO rules and regulations.
Chinese smartphone brands are gradually taken over the smartphone market. Over 1000 chinese companies invested in india wich created 200000 jobs but it is worth mentioning that it leads to shutting down small scale industries and businesses in the country.India's biggest tragedy is that there is no shortage of talent, manpower and skills.
Image credit- telecom.com
In chinese city yiwu, thousands of chinese citizen are employed whose job description is to design artificial indian jewellery. They got these jobs because many indian factories doing the same were forced to shut down. Today india purchases artificial jewellery from China wich cost million dollars wich otherwise could have been a way to earn from indian manufactures.
Today the best way for india to reduce the trade deficit with china through its massive pharma and IT companies. On that case china has been very clever and hasn't given easy access but india should challenge this. India should also work on improving ease of doing business. Indian themselves need to have more confidence in their abilities if they want to have their alibaba, google or apple.
A strong entrepreneurial mentality has to be created. The shabbir of self loathing should be stopped. People with low self esteem cannot be at there creative best. Only then will job seekers become job creators.
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