Do You Get A Second Chance To Make a First Impression?
Some economies probably do. And the question is how well they can swing at the fences now.
After the Second World War, India and China emerged as independent nations with comparable economic standings. In 1950, both countries had similar per capita GDPs: India at $619 and China at $448 (in 1990 international dollars). However, over the next seven decades, their economic trajectories diverged dramatically, with China experiencing unprecedented growth while India’s progress was more modest.
Between 1990 and 2010, China’s GDP grew at an average annual rate of 10.4%. This period saw China emerge as the global manufacturing hub, with its share of world manufacturing output rising from 3% in 1990 to 19.8% by 2010.
In contrast, India’s economic journey was less dramatic. Between 1990 and 2010, India’s GDP grew at an average annual rate of 6.3%, significantly lower than China’s. India’s GDP rose from $321 billion in 1990 to $1.7 trillion in 2010, a 5-fold increase compared to China’s 17-fold growth.
India’s share in global manufacturing remained relatively stagnant, increasing from 1.1% in 1990 to just 2.2% by 2010.
Some staggering developments concerning India’s manufacturing prowess have rekindled an opportunity to strike back. With Apple having created a second manufacturing base in India and successfully churning around $14 billion in smartphones and devices, India seems to have found a seat at the discussion table.
India is already the global hub in IT software and services but wants to take a larger bite of the manufacturing pie. How prepared is it and how ready are global clients to allow this to happen?
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