Evolving Symmetries in Asian Economy: India's Chances and China's Stakes

The economic growth of India has been consistent since last two decades when it decided to open up the economy further and de-regulate the state control over key areas of economy. Though a few schools of thought compare the 1991 reforms of India with that of China’s 1978 ‘opening up’, with less doubts at both instances, ‘crisis’ forced a rethinking of the development strategy. The Indian opening up was triggered by more economic reasons than political, which was the case in China. Over two decades of economic reforms and experiments have made India’s economic policies more robust and scaled better, even better than the Chinese economy. In terms of growth rate and new start-ups, the Indian industries are cruising at a phenomenal speed. The comparative literature on the India-China economy and debates such as ‘Can India overtake China’ hold no ground in the present context when India has mature economic policies as China is looking for more opportunities in India to grow. India’s growth is in favor of China and the more the policies of Indian economy remain open and progressive for foreign investors, it is in China’s advantage. The recent slowing down of Chinese growth and its policy of internationalization can well be explained in the emerging economic symmetries in Asia.