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IAbstract The driving forces in the world economy are shifting towards Asia This paper highlights the development strategies which have been adopted by India and China over the last 20 years Both the countries have adopted policies aimed at opening up their economies in their quest to transform themselves into developed nations It is not an easy passage as each of these countries is faced with serious economical challenges Yet despite the challenges they have registered spectacular economic growth in the last two decades which are effecting a profound impact on the rest of the world IIContent page NoSubjectPage 10Introduction3 11Research Problem3 12Research Objective4 13Research Question4 20Research Methodology4 30Finding4 31Chinas economic prospects5 311 The phenomenal growth5 312 The challenges6 32Indias economic prospects9 321 The pace of growth9 322 The challenges 11 40Analysis12 41The world trading system12 42The world monetary system13 43Foreign direct investment14 50Conclusion15 60Learning outcomerecommendation16 References17 10Introduction In 1980 India was the fifth largest economy in the world while China was eight largest in terms of Gross Domestic Product GDP compared at purchasing power parity exchange rates By 2001 China has leapt to second place behind the United States and India had moved up into fourth place IMF Survey 2003 Today these demographic giants account for nearly 40 of the worlds population and nearly 20 of the world output Having vast domestic markets the two countries have followed inward-looking development strategies for a long period before deciding on opening up For the last twenty years China and India have pursued opening up economic policies they have lowered their custom duties their non tariff barriers and have allowed foreign direct investment This process of opening up has been accompanied by domestic economic liberalisation resulting in an accelerated economic growth 11Research problem China and India with their large population economic strength and
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