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## New Focus for global economy – India and China (हिंदी में) ## New Focus for global economy – India and China (हिंदी में) ----------------------------------------------------------------------------- Economy of India:- The economy of India is the seventh-largest economy in the world measured by nominal GDP and the third-largest by purchasing power parity (PPP).[32] The country is classified as a newly industrialised country, one of the G-20 major economies, a member of BRICS and a developing economy with an average growth rate of approximately 7% over the last two decades. Maharashtra is the wealthiest Indian state and has an annual GDP of US$220 billion, nearly equal to that of Portugal, and accounts for 12% of the Indian GDP followed by the states of Tamil Nadu (US$140 billion) and Uttar Pradesh (US$130 billion). India's economy became the world's fastest growing major economy in the last quarter of 2014, replacing the People's Republic of China. The long-term growth prospective of the Indian economy is positive due to its young population, corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy.[35] The Indian economy has the potential to become the world's 3rd-largest economy by the next decade, and one of the two largest economies by mid-century. And the outlook for short-term growth is also good as according to the IMF, the Indian economy is the "bright spot" in the global landscape. India also topped the World Bank’s growth outlook for 2015-16 for the first time with the economy having grown 7.6% in 2015-16 and expected to grow 8.0%+ in 2016-17. ---------------------------------------------------------------------------------------- Economy of China :- China's socialist market economy, is the world's second largest economy by nominal GDP, and the world's largest economy by purchasing power parity according to the IMF,although China's National Bureau of Statistics rejects this claim. Until 2015 China was the world's fastest-growing major economy, with growth rates averaging 10% over 30 years. Due to historical and political facts of China's developing economy, China's public sector accounts for a bigger share of the national economy than the burgeoning private sector. China is a global hub for manufacturing, and is the largest manufacturing economy in the world as well as the largest exporter of goods in the world. China is also the world's fastest growing consumer market and second largest importer of goods in the world.China is a net importer of services products. China is the largest trading nation in the world and plays the most important role in international trade,[31] and has increasingly engaged in trade organizations and treaties in recent years. China became a member of the World Trade Organization in 2001. On a per capita income basis, China ranked 72nd by nominal GDP and 84th by GDP (PPP) in 2015, according to the International Monetary Fund (IMF). The provinces in the coastal regions of China[34] tend to be more industrialized, while regions in the hinterland are less developed. As China's economic importance has grown, so has attention to the structure and health of the economy. To avoid the long-term socioeconomic cost of environmental pollution in China, it has been suggested by Nicholas Stern and Fergus Green of the Grantham Research Institute on Climate carbon emissions with better allocation of national resources to innovation and R&D for sustainable economic growth in order to reduce the impact of China's heavy industry. This is in accord with the planning goals of the central government.