India and China: Economic Performance in last 2 decades

Over the past decade under the leadership of the BJP-led NDA government, the Indian economy has grown by 93%, rising from $2.04 trillion in 2014 to $3.93 trillion. India and China, despite shared attributes, display divergent economic paths. China, as the world's second-largest economy, outstrips India's ascent as an emerging powerhouse. In 2024, China's GDP of $18.53 trillion compares India's $3.93 trillion. China's GDP has grown 61 times since 1980, while India's has increased 21 times. Per capita GDP in China at $25,015 surpasses India's $10,123. China's per capita income grew by 82 times, whereas India's increased 17 times. Despite these disparities, India's potential for global dominance is emphasized through sustained growth strategies.

India and China stand as the two most populous nations globally, boasting expansive territories, rich histories, nuclear capabilities, formidable armed forces, and significant geopolitical influence. While both countries share these characteristics, their economic trajectories diverge. China has solidified its position as the world's second-largest economy, while India continues to ascend as an emerging economic powerhouse.

In the 1980s, the economic landscape of both nations was comparable, with India even surpassing China in per capita income. However, fast forward to 2024, and China has surged ahead in terms of GDP size, per capita income, and global export share.

Data from the IMF for 2024 reveals that China's economy stands at an impressive $18.53 trillion, nearly five times larger than India's GDP of $3.93 trillion. The growth story of China is remarkable, with its GDP expanding by around 61 times since 1980, leaping from $303 billion to $18.53 trillion. Meanwhile, India has seen its GDP increase by over 21 times during the same period, climbing from $186 billion in 1980.

Under the leadership of the BJP-led NDA government, India's economy has flourished, growing by 93% from $2.04 trillion in 2014 to $3.93 trillion in 2024. In comparison, China's economy expanded by 76% during this timeframe, rising from $10.5 trillion in 2014.

During the UPA government's tenure from 2004 to 2014, India's GDP surged by 188%, reaching $2.039 trillion from $709 billion. In contrast, China experienced a 440% growth in GDP, escalating from $1.95 trillion in 2004 to $10.5 trillion in 2014.

Turning to per capita GDP, China's $25,015 in 2024 is nearly 2.5 times higher than India's $10,123. This marks a significant shift from 1980 when India's per capita income of $582 was almost double that of China's $307. Over the years, China's per capita income has soared by nearly 82 times, while India's has grown by over 17 times.

Under the Modi government in the last decade, India's per capita income has jumped by 95%, from $5,187 in 2014 to $10,123. In contrast, China's per capita income rose by 100% during the same period, climbing from $12,496 in 2014.

In terms of government debt as a percentage of GDP, India stood at 82.5% in 2024, while China's government debt was slightly higher at 88.6%. Notably, India has made progress in reducing its government debt from 84.9% in 2004 to 67.1% in 2014 under the UPA government.

China shines as the world's largest exporter, with goods and services worth $3.5 trillion exported in 2023, commanding a 14% share in global exports. In comparison, India ranks as the tenth largest exporter, with exports valued at $0.78 trillion. The gap between Chinese and Indian exports remains substantial.

Experts now envision a promising future for India, suggesting that with sustained growth momentum and a strategic focus on infrastructure development, domestic manufacturing, and fiscal discipline, India has the potential to emerge as a dominant global power and one of the largest economies worldwide.