India, China growth race 'silly', says Nobel winner

 India, China growth race 'silly', says Nobel winner

NEW DELHI — India's leading economist, Nobel Prize winner Amartya Sen, dismissed on Monday the "silly" obsession of comparing the economic growth rates of China and India.

In a lengthy critique of the practice, Sen argued that New Delhi was far behind in the growth race, but more importantly it lagged in other criteria that showed real living standards were far inferior in India.

"Despite the interest in this subject (of comparing India's eight-percent growth to China's 10 percent)... this is surely a silly focus," Sen wrote in The Hindu.

Growth as estimated by gross national product (GNP) was an arbitrary measurement, he said, and "the lives that people are able to lead -- what ultimately interests people most -- are only indirectly and partially influenced by the rates of overall economic growth".

In an unflattering portrait of his country, Sen drew on data from World Development Reports of the World Bank and Human Development Reports of the United Nations to show China far ahead on most criteria.

Life expectancy at birth in China was 73.5 years compared with 64.4 years in India; Infant mortality rate is 50 per thousand in India and just 17 in China, and the under-five mortality rate is 66 for Indians and 19 for the Chinese.

Anumakonda Jagadeesh comments:

Since the comparison of Growth rate between India and China has come from Nobel Laurate Dr,Amartya Sen,let us see the figures: Going by the basic facts, the economy of China is more developed than that of India. While India is the 11th largest economy in terms of the exchange rates, China occupies the second position surpassing Japan. Compared to the estimated $1.3123 trillion GDP of India, China has an average GDP of around $4909.28 billion. In case of per capital GDP, India lags far behind China with just $1124 compared to $7,518 of the latter. To make a basic comparison of India and China Economy, we need to have an idea of the economic facts of the countries. Facts India China GDP around $1.3123 trillion around 4909.28 billion GDP growth 8.90% 9.60% Per capital GDP $1124 $7,518 Inflation 7.48 % 5.1% Labor Force 467 million 813.5 million Unemployment 9.4 % 4.20 % Fiscal Deficit 5.5% 21.5% Foreign Direct Investment $12.40 $9.7 billion Gold Reserves 15% 11% Foreign Exchange Reserves $2.41 billion $2.65 trillion World Prosperity Index 88Th Position 58th Position Mobile Users 842 million 687.71 million Internet Users 123.16 million 81 million.

Facts	India	China
GDP	around $1.3123 trillion	around 4909.28 billion
GDP growth	8.90%	9.60%
Per capital GDP	$1124	$7,518
Inflation	7.48 %	5.1%
Labor Force	467 million	813.5 million
Unemployment	9.4 %	4.20 %
Fiscal Deficit	5.5%	21.5%
Foreign Direct Investment	$12.40	$9.7 billion
Gold Reserves	15%	11%
Foreign Exchange Reserves	$2.41 billion	$2.65 trillion
World Prosperity Index	88Th Position	58th Position
Mobile Users	842 million	687.71 million
Internet Users	123.16 million	81 million.