| China's and India's rapid rise in the global arena has not only captured the attention of the world but has also set into motion a rethinking of the very paradigm of economic development. Today, China and India together account for 40 percent of the world's population. Both have implemented a series of economic reforms in the past two and half decades: China initiated this process at the end of the 1970s, while India began in the early 1990s. These reforms have led to rapid economic growth, with a growth rate of 8-9 percent per annum in China and 6-7 percent per annum in India. Despite similar trends in the reforms, the two countries have taken different reform paths; China started off with reforms in agriculture sector and in rural areas, while India... |
