Indian Economic History
The Dragon and the Elephant: India and China in the Asian Century
Essay Topic No 1
“It is the context and circumstances prevalent in any nation that should determine its policies and strategies of growth” (Mahtaney, 2010, p. 159). Illustrate the truth or falsehood of this statement with reference to either India or China
“An ounce of practice is worth more than tons of preaching”
(Mahatma Gandhi, 1946).
Economic thought is an ever-adapting philosophy, which has been ‘preached’ by many differing schools of thought throughout the centuries. In this current global economic context, the majority of worldwide economic strategies and polices …show more content…
45% (Government of India, 1957, p. 27-29). Similarly to China, the Indian government heavily invested and regulated in a command economy by focusing upon the production sector being mainly steel, coal and hydro-electricity production, and the agricultural sector. After a series of Five Year Plans, the Indian economy had increased heavy industrial productivity to equate to 26.7% of all GDP. Moreover, with the East Indian Company (1601) and British Imperial Empire (1875