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LATEST NEWS UPDATES | The tale of two economies: What changed in 30 years -Vivek Kaul

The tale of two economies: What changed in 30 years -Vivek Kaul

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published Published on Jun 23, 2020   modified Modified on Jun 24, 2020

-Livemint.com

World Bank data shows that India’s per capita income, as of 2019, is about a fifth of China’s. What changed in the last three decades? Mint explores

Until 1990, India’s per capita income was higher than that of China. However, data from the World Bank shows that India’s per capita income, as of 2019, is about a fifth of China’s. What changed in the last three decades? Mint explores.

What was China’s per capita income in 1990?

Per capita income is the average income of a citizen of a country. In 1990, the per capita income of China was $318, while that of India’s was slightly greater at $368. China’s economy took off in the 1990s, thanks to market liberalization transforming it into an industrial powerhouse from a largely agrarian society. Since then the per capita income of China has surpassed that of India. In fact, data from the Chinese National Bureau of Statistics tells us that in 2019, China’s per capita income was $10,276, having crossed the$10,000-mark for the first time. The per capita income of India, however, was around a fifth of that.

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Livemint.com, 23 June, 2020, https://www.livemint.com/news/india/the-tale-of-two-economies-what-changed-in-30-years-11592930762996.html


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