Who is worst affected by the global economic recession — India or China?
It is China. More than 50% of their economy is dependent on exports and China exports all types of goods across the world. Due to the recession, China is going through a bad phase. In the past a few months, more than 50 lakh people have lost jobs and more than 10 lakh have shut down their business. In the case of India, our exports are just 14% of our economy and the slowdown is psychological. Looking at all these factors, now, China is no more a threat to India. Compared to China, where is India lacking? I have been to China several times over the past few decades. There is neither license raj nor inspector raj in China, which is our biggest drawback. If our government stops interfering once the licenses are issued, even our companies will be able to produce good quality products. As regards the Chinese, they are tech-savvy and they are good in productivity. But they lack in marketing skills. In the ongoing crisis, can India and China together win the whole world? Both countries have
