India is trailing behind China by a significant margin of 16.5 years across a spectrum of critical business and economic benchmarks, as revealed by a recent study conducted by brokerage firm Bernstein, as reported by Business Standard.
The comprehensive assessment by Bernstein encompassed a range of key metrics, including patents, foreign direct investment (FDI), foreign exchange reserves, nominal gross domestic product (GDP), and exports to gauge the chasm between India and China.
In the realm of patents, the study underscores a substantial 21-year lag for India in comparison to its Chinese counterpart. India’s position in FDI reflects a considerable 20-year deficit, while foreign exchange reserves exhibit a 19-year gap. Exports, another vital facet of economic prowess, manifest a disparity of 17 years between the two nations.
Turning to nominal GDP and per capita income, India is situated 15 years adrift, underscoring the formidable ground it needs to cover. In the sphere of consumption expenditure, the gap stands at 13 years, accentuating the imperative for accelerated progress. In the context of gross fixed capital formation, India lags by a formidable 16 years, signifying a substantial divergence in infrastructure and investment.
The report, as cited by the newspaper, explicitly underscores the monumental task that lies ahead for India if it aims to bridge this formidable gap and emerge as a potent economic force on par with its Asian neighbour.
Bernstein’s in-depth analysis derives its insights from a meticulous examination of data sourced from authoritative institutions, including the Reserve Bank of India (RBI), China’s National Bureau of Statistics, the Ministry of Statistics and Programme Implementation, the World Bank, and the World Intellectual Property Organisation. This rigorous methodology lends credibility to the findings and underscores the urgency for India to strategically address these disparities in order to achieve its economic aspirations.