Overview for Economic Growth in India and China: A Comparative Study, Volume 3
Sustained economic growth of a nation mainly hinges on its industrialization as it creates productive employment and generates value added income. During the era of globalization, industry can act as a key agent for securing developmental benefits from rapid international integration, with respect to trade, investment and technology transfer. The factors that contribute to industrialization are technology-driven increase in productivity, human skills and appropriate institutional environment. For developing countries like India and China, industrialization has much to do, due to its direct and indirect effect on social welfare. The direct contribution of industry to social welfare is that it creates jobs for clearly disadvantaged groups like unskilled workers and its indirect contribution is through its promotion of economic growth. Therefore, a prudent industrialization strategy is the need of the hour especially in developing countries. This volume covers the industrial development in India and China and some selected case studies related to this. Both countries followed different industrial policies to complete in the global market. China is much ahead of India in almost all sectors. The articles in this book help to understand the growth strategies initiated by both governments, their benefits and drawbacks, and the measures needed to achieve sustainable growth in the years to come. The book also focuses on case studies relating to top companies in China and India, which help to understand the entry and expansion strategies adopted by these companies.