China’s energy consumption is 598% more than that of India’s. Energy is like b
loodin a human body to business. It shows how hard the economy is working to produce
more gross domestic product (GDP). The result in 2011 says, China’s GDP growth is9.2% where as India’s will be 7% as the prime minister, Dr Manmohan Singh,
reckoned.The economic growth of China is paying off now: they have more than 200 billionaires as compare to 69 of India in 2010. They spend around $192 billion in public health, where as India spent only $65 billion, when the population is now veryclose. Life expectancy is 75 year in China 75 but in India it is around 65 only.
China’s expenditure on health care system is nearly 5 times that of India.
The gap between India and China is widening in terms of values of most socialindicators of living standards, such as life expectancy, infant mortality rate, meanyears of schooling, the coverage of immunization. 97 percent of Chinese children are
immunized with DPT vaccine, in contrast with India’s meagre figure of 66 percent.
India’s prime minister announced that he was
ashamed of the fact that India still hasmany malnourished children despite being fastest economies of the world.In the field of research and development, India has not made a dent yet. The fact thatin 2011, 12.3% of residential patents registered in the world is from China , a massiveincrease in its registration , suggest that they are truly emerging as a world leader in
innovation. Recently the world has been taken aback with China’s announcement of
sending astronauts to the moon and sending a well designed space station after USA isabandoning its own.China became competitive faster than any other countries over the last one decade.This is one reason why companies would like to flock in China. According to theworld competitive ranking China is at 31st position as compare to India, which is at50th position.The only area, India has a point to smile, is their domestic consumption which is not
far off from that of China’s. China’s retail sales in 2009 were $360b, which is just
25% more than that of
Strong retail sales are a sign of strong domestic market. This can also be interpreted indifferent ways: China has a huge potential for its retail market as the domestic marketis still yet to be exploited.