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Study of Comparison between
Indian and China Economy
Submitted to : Submitted By: Ritika Bansal
External Mentor :Ms. Parul mam Roll no.35
Internal Mentor :Ms. Palak Gupta Course:PGDM (IB)
Submitted in the partial fulfilment for the requirement
of Post Graduate Diploma in Management
At
Jagannath International Management School
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Acknowledgement
The MENTORSHIP program was designed in such a way that it provided a full
learning opportunity throughout the program. I would like to express my gratitude
towards all the people who guided me throughout the program and their direct or
indirect help was priceless for me, without their guidance and support this project
would not have been completed successfully.
I express my sincere gratitude to NEELAM MAM (Jims) to guide me which all
parameters I should consider.
There was a great learning from my team who not only behave in a co-operative
manner but also provide constant help in the completion of the project, thus, I
thank to my each team member in the mentoring program.
Last but surely not the least, I am very much thankful to my faculty guide, Ms.
PALAK GUPTA (INTERNAL MENTOR) core faculty atJagannath International
Management School, for her continuous guidance and support from the
proceeding of the project to its completion. I cannot think of the accomplishment of
the project without her assistance and guidance.
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INSTA POWER LIMITED
INSTAPOWER, a TUV certified ISO 9001 & 14001 organization, has been a
leading name in power electronics for over two decades. Promoted by an
alumnus of IIT Delhi, Instapower is recognized as an R&D house by the
Department of Scientific and Industrial Research, Government of India. TheBureau of Energy Efficiency, Govt. of India, recognizes Instapower as an ESCO
organization.
Instapower is the largest manufacturer of LED Aviation Obstruction lights in India
and has over 100,000 aviation lights installed in India and other countries. It has a
range of aviation products that are approved by ICAO (Canada), Airports
Authority of India and Department of Civil Aviation-Malaysia.
Instapowers vast product range is well accepted by various government, semi-government organizations / institutions and private companies and has received
satisfactory performance test certificates from them. The key client list comprises
of such names as RDSO, CPWD, DDA, BSNL, VSNL, MTNL, Airtel, Vodafone,
Nokia, Indian Railways, BHEL, L&T, DMRC, NBCC, IOCL, ONGC, GAIL, OBC,
Apollo Hospital, RML Hospital, Maruti Suzuki amongst others.
Its products have been supplied and installed during Commonwealth Games
2010 in New Delhi, India and at prestigious places such as The Rashtrapati
Bhawan and Parliament House. Products are also being exported to over 30
countries in Africa, South East Asia, Middle East and South America besides UK,
USA and Australia.
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Top ten players and competitors:
The shift towards renewable energy and the demand for energy efficiency has
pushed the market towards more efficient products such as light emitting diodes
(LEDs). LED technology has been globally recognised as extremely efficient and
eco friendly in comparison to the incandescent lamps (ICLs) and fluorescent lamps(FTLs/CFLs). With the entry of LEDs, the Indian lighting market has become more
buoyant.
LED lamps and luminaires exhibit the strongest growth trends among all lighting
technologies. The Indian lighting market is expected to grow at a CAGR of 45.5
per cent till 2015, and by 2021 LED technology will penetrate 57 per cent of the
lighting market in India. Recognising the benefits of this technology, the Bureau of
Energy Efficiency (BEE) is working with lighting associations to define standards.
Disclaimer: While the Electronics Bazaar editorial team has taken the utmost care
to contact all possible sources to make the list of the Top LED Players
comprehensive, we may have inadvertently left out a few companies from this list.
PRODUCT SUMMARY
Insta power product range include Aviation Obstruction Lights ( Low Intensity &
Medium Intensity), Street Light, Home Light, Traffic Light, RGB Wall Washers,
Fountain Light, Underwater/Walk over Lights, T5 Tube lights. The product basket
keeps on adding quite frequently and their focus is to design products.
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Executive Summary
In last few years, the growth and development story of India has seen different
stages. From the time of independence to 1991, the time of liberalization in India
and then to the twenty first century, the markets have shown tremendous changes.
Today consumers have got the power and the income to spend on products.
Different firms entered in the market and lost but many succeeded and make their
mark. All the markets start with nascent stage and later grow to its maturity.
India and China are the two most popular countries in the world. India and China
together contain about 37.5% of world population. So, India and China are huge
markets. As these two countries play a massive role in world economy,
theireconomy has a significant impact on world economy. But they differ largely
in their trading pattern. China economic has grown by increasing investment in the
manufacturing industry and increasing foreign trade, and for Indian economic
growth mainly service sector is responsible. China is the one of the largest trading
partner of India. In past few years trade between India and China has increased
rapidly. so I have research on comparison between India and china economy.
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TABLE OF CONTENTS
CHAPTER1
INTRODUCTION 7
OBJECTIVES 8
CHAPTER- 2
COMPARISONOF INDIA AND CHINA POPULATION 9
BRICS 11
CHAPTER3
EXCHANGE RATE REVIEW 12
GDP COMPARISON OF INDIA AND CHINA
CHAPTER-4
PROBLEM OF INDIA AND CHINA 27
CHAPTER-5
RESEARCH METHODOLOGY 37
CHAPTER -6
FINDINGS AND RECOMMENDATIONS 39
CHAPTER7
CONCLUSION 40
CHAPTER8
BIBLIOGRAPHY 41
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CHAPTER-1
INTRODUCTION
India and China are the two most popular countries in the world. India and China
together contain about 37.5% of world population. So, India and China are huge
markets. As these two countries play a massive role in world economy, their
economy has a significant impact on world economy. But they differ largely in their
trading pattern. China economic has grown by increasing investment in the
manufacturing industry and increasing foreign trade, and for Indian economic
growth mainly service sector is responsible. China is the one of the largest trading
partner of India. In past few years trade between India and China has increased
rapidly. The economy of China is third largest in the world and still growing very
rapidly. India is also developing with a fast rate. So, the trade between them leads
to mutual cooperation and helps each other to develop. In this paper, I aim to find
out the Chinas and Indias characters of few industries and changes in their trade
during a certain period. I will mainly focus on bilateral intra industry trade of chosen
commodities between India and China. By researching the data from various
sources.I have calculated RCA of India over China and RCA of China over India.
And after this analysis we will conclude that what changes can be made in Indias
and Chinas trading patterns.
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OBJECTIVES
This paper attempts to explain the trade patterns between India and China.
The questions which this paper attempts to answer are following
What are the major exports and imports between both countries? Is
there any
change in exports and imports over last few years?
Is there any attempt to reduce the barriers to trade by both countries?
Objectives :
Comparison of import and exports.
Comparison of gold reserves between India and china.
Foreign trade policy between India and china
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Chapter-2
COMPARISON OF INDIA AND CHINA POPULATION
Data for Population :
Population of India and China - Although, India and China are the most
talked about countries, when it comes to problems arising from the increasing
population, many believe it is actually a blessing in disguise. With more than 50%
population below the age of 25 and about 65% below 35, the average age of an
Indian after 10 years is likely to be 29 years, whereas the average age of a
Chinese and Japanese, will be 37 and 48 respectively. In addition, India's
dependency ratio by 2030 is expected to be just over 0.4. According to estimated
figures, the Population of India will be largest in the World in year 2030. On the
other hand, Population of China will witness a decline in their growth after 2030. So
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Population explosion will somehow benefit in India considering in mind its growing
economy. But it will bring lots of serious issues related to health problems in India.
Population of India in 2013 1,220,200,000 (1.22 billion)
Population of China in 2013 1,360,000,600 (1.36 billion)
Population of India in 2008 1,147,995,904 (1.14 billion)
Population of China in 2008 1,330,044,605 (1.3 billion)
In 1950
India's Population was 350 million
Population of China 563 million
In 2040
Population of India will be 1.52 billion
Population of China will be 1.45 billion
Proportion to World's Population
India represents almost 17.31% of the world's Population
China represents a full 20% of the world's population
Facts and Comparison of Population between India and China stands in
favour of India:
According to latest figures, India is all set to exceed China in total
population by the year 2030.
In the next 25 years, India's Population will rise by almost 350 million.
In year 2013, China's population was higher than India by over 200 million.
In year 2050 India's Population is expected to surpass China by over 200 million.
By 2030, India's working population will be youngest in the world as
compared to China, USA and other countries.
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BRICS
In economics, Bric is Brazil,Russia,IndiaandChina,which are all deemed
to be at a similar stage of newly advanced economic development countries. It is
typically rendered as "the BRIC countries" or "the BRIC economies" or alternatively
as the "Big Four". A related acronym isBRICSwhich includesSouth Africa.
Projections on the future power of the BRIC economies vary widely. Some
sources suggest that they might overtake the G7 economies by 2027. More
modestly ,although the four BRIC countries are developing rapidly, it was only by
2050 that their combined economies could eclipse the combined economies of the
current richest countries of the world.
In 2010, however, while the four BRIC countries accounted for over a
quarter of the world's land area and more than 40% of theworld's population,they
accounted for only one quarter of the world gross national income.
According to a paper published in 2005,MexicoandSouth Koreawere the
only other countries comparable to the BRICs, but their economies were excluded
initially because they were considered already more developed, as they were
already members of the OECD.
Several of the more developed of theN-11countries, in
particularTurkey,Mexico,IndonesiaandSouth Korea, were seen as the most
likely contenders to the BRICs. Some other developing countries that have not yet
reached the N-11 economic level, such asSouth Africa,aspired to BRIC status. So
India and china are considered to be main countries in Bric.
Chapter-3
http://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/Russiahttp://en.wikipedia.org/wiki/Russiahttp://en.wikipedia.org/wiki/Russiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/BRICShttp://en.wikipedia.org/wiki/BRICShttp://en.wikipedia.org/wiki/BRICShttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/World_populationhttp://en.wikipedia.org/wiki/World_populationhttp://en.wikipedia.org/wiki/World_populationhttp://en.wikipedia.org/wiki/Mexicohttp://en.wikipedia.org/wiki/Mexicohttp://en.wikipedia.org/wiki/Mexicohttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/Next_Elevenhttp://en.wikipedia.org/wiki/Next_Elevenhttp://en.wikipedia.org/wiki/Next_Elevenhttp://en.wikipedia.org/wiki/Turkeyhttp://en.wikipedia.org/wiki/Turkeyhttp://en.wikipedia.org/wiki/Turkeyhttp://en.wikipedia.org/wiki/Mexicohttp://en.wikipedia.org/wiki/Mexicohttp://en.wikipedia.org/wiki/Mexicohttp://en.wikipedia.org/wiki/Indonesiahttp://en.wikipedia.org/wiki/Indonesiahttp://en.wikipedia.org/wiki/Indonesiahttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/Indonesiahttp://en.wikipedia.org/wiki/Mexicohttp://en.wikipedia.org/wiki/Turkeyhttp://en.wikipedia.org/wiki/Next_Elevenhttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/Mexicohttp://en.wikipedia.org/wiki/World_populationhttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/BRICShttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Russiahttp://en.wikipedia.org/wiki/Russiahttp://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/Brazil -
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EXCHANGE RATE REVIEW 2014
Indian Rupee (INR) v/s Chinese Yuan (CNY), todays exchange
rate
This page is the Indian Rupee, code INR, versus Chinese Yuan, code
CNY exchange rate page. Information provided includes the current
exchange rate and todays lowest or minimum and highest or maximum
values.
It is optimised to Indian Rupee Chinese Yuan, Indian Rupee versus
Chinese Yuan.
Latest exchange rates, based on 1000 units of currency
1000 Indian Rupee is worth 96.00 Chinese Yuan 28 January 2014 EDT1000 Chinese Yuan is worth 10415 Indian Rupee 28 January 2014 EDT
Average bid 0.0971
Average ask 0.0971
Latest price 0.0971Maximum price 0.0976
GDP COMPARISON OF CHINA
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CHINA GDP GROWTH RATE
The Gross Domestic Product (GDP) in China expanded 1.80 percent in the fourth
quarter of 2013 over the previous quarter. GDP Growth Rate in China is reported by the
National Bureau of Statistics of China. GDP Growth Rate in China averaged 1.99
Percent from 2011 until 2013, reaching an all time high of 2.60 Percent in the second
quarter of 2012 and a record low of 1.40 Percent in the first quarter of 2013. In China,
the growth rate in GDP measures the change in the seasonally adjusted value of the
goods and services produced by the Chinese economy during the quarter. China's
economy is the second largest in the world after that of the United States. During thepast 30 years China's economy has changed from a centrally planned system that was
largely closed to international trade to a more market-oriented that has a rapidly growing
private sector. A major component supporting China's rapid economic growth has been
exports growth. This data contains GDP ACTUALY AND IT IS FORECASTED FOR
FUTURE. (2015).
ACTUALPREVIOU
S
HIGHEST LOWEST FORECAST DATES UNIT
1.80 2.20 2.60 1.40 1.49 | 2014/02 2012 - 2013 PERCENT
TRADE DEFICIT IN CHINA AND INDIA
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China is India's largest trade partner also the most talked about 'rival'. The India-
China trade stands at about $ 70 Billion, expected to increase to 100 Billion USD .
So what's a trade deficit?
Its just trade imbalance between two sides. One side exports more to the other,
than it imports. Currently, India exports goods and services to China, 40 Billion
USD less than what it imports from it.
India's trade deficit with China was just $ 1 Billion in 2002, it has now boomed to
40.
First of all, we have to understand that in today's world, economy is not purely
economy. Economy plays a very important role in Geo-Strategic planning in this
scenario of the world where nations don't indulge into wars, neither into any other
kind of violence, they just try making a nation kneel down by damaging it
economically. What US is doing with Iran, they just put economic sanctions
(barriers), and encourage others also to do so. By doing this, they try damaging
Iran economically. So that shows how much economy is important today.
Now lets take two scenarios one by one:
1st Scenario: LETS SEE economically:
Economy should be taken as 'extensively just economy' and other things should
be kept out of loop. The beauty of international trade lies in the fact, you export
what you are specialize in producing. China is such a big producer of goods as well
as services because of affordable costs of labour and the manufacturing
and business environment Chinese government has worked hard to create.
There are two things in trading (Export and Import.)Export what you are surplus at,
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and import what you are deficit at. If there is a demand for goods and services in
India, which India itself doesn't produce adequately, it would obviously look to other
nations who are surplus at those goods and services. A long list of nations would
be formed, and the cheapest supplier will get elected, and find the cheap area for
purchase.
Trade isn't an equation that you start simplifying for each and every nation
separately. We should think sensibly, if India gets what it needs from China, at
cheaper price than others, then why isn't it good? Lets place it in the case of
Pakistan. Pakistan runs a trade deficit with India, and if it liberalizes its market with
India (as it is saying so), the trade deficit with India of Pakistan would considerably
increase. India should export more to nations likeBangladeshor Pakistan or Sri
Lanka who are not much competitive. Also, it shouldn't shy of getting its services
and goods from competitive export markets like China.
China provides excessive subsidies, whereas the Indian businessmen are quick to
demand anti-dumping duties, and Indian government obliges. India has imposed
anti-dumping duties more than any other nation. In the telecom sector, India has
imposed additional curbs on Chinese telecom goods citing security issues. But the
trade deficit continues to grow.. only proving that it isn't duties, its actually the
productivity difference between both the nations, obviously manufacturing.
Any economist would say that Exports are usually a secondary thing, basically a
balancing act to imports. First and foremost, the local demands have to be
addressed, and for that if there is any need to import, that should be done.
China has put many obstructions on imports, like the medicine sector on which
India has a command, that's a serious issue and that should be negotiated by
India. But, managing trade deficit isn't a right approach in international trading.
India should focus on making its own manufacturing industry bigger and better,
also it should create an environment for other countries to import from. The right
approach is to focus on productivity gap, not on trade gap.
http://www.anonymousindian.com/2013/05/look-east-policy-of-india-article.htmlhttp://www.anonymousindian.com/2013/05/look-east-policy-of-india-article.htmlhttp://www.anonymousindian.com/2013/05/look-east-policy-of-india-article.htmlhttp://www.anonymousindian.com/2013/05/look-east-policy-of-india-article.html -
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2nd scenario: Lets think diplomatically:
The India China trade deficit becomes a problem if we take thebilateral relations,1962 War, border dispute, and other things in mind. Keeping India to a trade deficit
significantly provides China with a psychological advantage, It also forms an image
of India as being inferior to it.
The USA is indebted to China the most with about $ 1.1 Trillion. USA has lost a
psychological advantage to China because of its own declining economy, and
China's elevating economy. That could happen to India too in future if trade deficit
continues.
Trade deficits also mean that you have a hold on foreign market, and if that hold of
China grows from goods to banking and other sectors, that could be dangerous. If
Indian government opens up other sectors for investment (FDI and others), and if
Chinese government through its businessmen starts holding Indian corporate and
banking sectors at hand, that would be a ceiling POINT.
However, the trade deficit isn't that large (though 1/3rd of India's total trade deficit)
to create a big impact today. I also believe that Indian government won't be too
charitable with providing free access to Chinese. But nevertheless, risks can't be
taken in 21st century civilization, where wars won't be fought with guns and tanks
but with diplomacy and economy.
BILATERAL TRADE RELATION BETWEEN INDIA AND
CHINA
China has emerged as Indias largest trading partner as it replaced the US in
March 2008. When India initiated its comprehensive reforms in 1991, the level of
bilateral trade between the two countries was insignificant as the trade basket was
http://www.anonymousindian.com/2013/05/demystifying-india-china-relationship.htmlhttp://www.anonymousindian.com/2013/05/demystifying-india-china-relationship.htmlhttp://www.anonymousindian.com/2013/05/demystifying-india-china-relationship.htmlhttp://www.anonymousindian.com/2013/05/demystifying-india-china-relationship.html -
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restricted to a limited number of products. However within a short period, China
has become Indias single most important trading partner even though India itself
has reached at an unsustainable bilateral trade deficit of US$ 26.3 billion in 2010
(IMF, 2012a). Policy makers will have to find ways to manage this huge deficit
given that India can neither afford to limit its economic engagement with China nor
continue with such a huge bilateral trade asymmetry for a long period of time.
China has been on a high growth trajectory for more than three decades, while
even maintaining a sustainable rate of growth at more than 9 per cent per annum
during the period 2002-12. The rate of domestic expansion has been robust since
its accession to the WTO in 2001. As is evident from statistics, the main drivers of
Chinas economic growth have been its export and a subsequent expansion of the
domestic sector, accompanied by its import surge. During the above reference
period, Chinas export share in the world economy increased from 3.4 per cent to
10.4 per cent, and the corresponding shares for its imports were 4.4 per cent to 9.1
per cent, respectively. The global economy started recovering from recession in
2010, but with the deepening of the financial situation in Europe once again
entered the danger zone until third quarter of 2013. However, the US economy has
shown positive forward movements in GDP growth and a persistent development
in the employment situation in 2013.The global situation continued to remain fragile
in 2012, and its adverse impact was felt in most of the emerging countries that
included China and India. Though it suffered from global downturn, China has
strategy to take advantage from the expected recovery of the global economy.
As China emerges as the largest trading partner of India, there are many bilateral
issues that require close scrutiny. Indias bilateral trade gap is increasing along with
the countrys overall trade gap with the rest of the world. It is important to exami ne
to what extent is this bilateral trade imbalance contributing to the overall tradeimbalance of India. How to sustain the present level of bilateral trade while at the
same time narrowing the existing bilateral trade gap is an important challenge for
policy?
A comparative analysis of the tariff policies of both countries is important
because of their increased engagement with the world economy. Moreover, their
participation in various Regional Trading Agreements (RTAs) in Asia and in other
parts of the world, is expanding rapidly over years. Reform processes in tariff
policies in both countries are again, linked to their external sector performances.
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Relative external sector performance in both countries requires further
investigation in the light of ongoing trade policy reforms.
The Global Value Chain (GVC) has emerged as an important vehicle of trade
in the global economy. While the 1950s and 1960s, usage of this trade process
was mostly in the domain of developed countries, presently, it is an important
source of trade engagement between North-South and South-South. Global value
chain remains relatively an unexplored policy option with India. However, China
and India are becoming important players in such activities for both developed and
developing countries particularly in their engagement with the US and the EU.
MACRO ENVIRONMENT
As India and China are the two fastest growing countries of the world, thepossibility of an economic approach among them to seize the synergies of their
development is an interesting issue for discussion. Both the countries have
witnessed transitions in their economic policies during the last two-three decades,
and the irreversible nature of economic liberalisation has enabled each nation to
integrate with the world economy. While analysing the existing patterns of their
trade and the sector complementarities for further economic engagement, the
comparative macroeconomic performance of both economies may be examined in
recent years. The robustness of these economies may be seen from their
macroeconomic performances.
Sustaining High Growth
China has increasingly attracted the attention of the global economic community
during the last three decades due to its excellent track record in maintaining a high
growth rate unparallel in the annals of the world economy. Since 1980, China has
been maintaining an average GDP growth of about 9 per cent per annum and has
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taken major strides in elevating large sections of its population above the poverty
global buoyancy which spanned the year 2005 to 2013, its GDP growth rate
accelerated to more than 10 per cent per year, while its highest growth rate in
recent time was recorded in 2074 .The reoccurrence of the Global Financial Crisis
in 2008 tapered global economic activities substantially. However, China continued
to maintain higher growth despite the persistence of a global economic downturn.
In the Post-Asian Financial Crisis period, the external sector has emerged as the
key source of Chinas growth, and its exports and imports grew at the rate of 28.1
per cent and 25.4 per cent, respectively during 2003-08 and declined significantly
during 2009-10.Foreign direct investment added up to $378 billion cumulatively
with about $108 billion in 2008.
Trade and Trade Policies in Key Sectors of Interest to India
The sectoral composition of Chinas exports has some interesting characteristics.
While China is usually seen as specialising in exports of labour-intensive products,
its export basket is rapidly moving towards high technology products. The cutting
edge of Chinas exports is now provided by relatively high technology products
involving machinery and transportation equipment, particularly office machines and
telecommunication equipment and parts. Exports of these products have increased
more than five-fold in the last seven years and they now account for nearly half of
the manufactured products. One important gap in Chinas export drive is evident in
the service sector. Since market, the national income statistics include services,
but the service sector is still relatively underdeveloped. With respect to external
trade too, China is lagging in exports in this sector. In 2013, China is expected to
have a significant trade deficit in the service sector.India on the other hand has a
large service sector and its exports of services are increasing rapidly.
AGRICULTURE
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The tariff liberalisation policy in agriculture has been striking in China since its
accession to WTO. Applied tariffs on agricultural products fell from 23.2 per cent in
2001 to 14.5 per cent in 2009. There has been a considerable reduction in the
average rate of applied tariff in sectors like dairy products, grain and oilseeds.
Tariffs on sugar and tobacco remained high for sometime.
AUTOMOBILE
China has been the worlds fourth largest automobile manufacturer since
2003, after the United States, Japan and Germany. In 2004, China became the
third largest market in the world, after the United States and Japan. According to
forecast made by Goldman Sachs reported in The Economist, 16 September 2006,
the car ownership in China may exceed that of the US by 2025 and may become
twice as high (over 400 million vehicles) as the level of US ownership by 2040.
China has become the worlds second largest car market in terms of sal es asmillions of Chinese are buying cars for the first time. India cannot afford to ignore
this market. India should start preparing for penetrating this market. Just as Japan
and Korea succeeded in competing with the giant car manufacturers of the US,
India can succeed in competing with the manufacturers in China, which are
generally joint ventures between state-owned enterprises and foreign car majors. A
few home grown companies like Cherry have come up rapidly as producers of
cheap cars. However, quality and reliability concerns have affected their plans to
move into the developed country markets until 2008. Foreign investment plays an
important role in Chinas automotives sector and FIEs accounted for around three-
fourth of Chinas passenger car production.
Chinas electronic and communications equipment industryis the third largest
in the world in terms of output, after the United States and Japan. Electronic and
communications equipment also account for the largest share of Chinas exports.
The export revenue of the sector constitutes nearly one-third of Chinas total export
value. In the total export proceeds, the share of domestic firms has been
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insignificant. The central government has adopted several measures to assist the
development of the electronic and communications equipment industry, in
particular to improve the technological capabilities of domestic enterprises. Under
this policy, the government allocates funds to software and IC industries for the
establishment of software design centres in, inter alia,universities and research
institutes. Preferential policies include VAT rebates, tariff exemptions for imported
equipment for own use, export loans provided by EXIM Bank and export credit
insurance provided by SINOCUE at favourable terms, government procurement
preferences, and a special fund to promote domestic enterprises R&D ability in the
semi-conductor industry.
Services
The services sector in China has been underdeveloped during the planning
era and now presents a significant potential in view of the rapid growth of the
economy. In order to tap that potential, the Chinese government has identified the
development of services sector as a priority sector in the 11th and 12th Five-year
Plans for National Economic and Social Development. With the spectacularperformance of exports and imports over the past few years, the contribution of
services to GDP in terms of value added has surged from 39.7 per cent in 2005 to
40.1 per cent in 2008. Some of the most important export sectors in services are
transport and other business services during the last decade. Potentially other
important export sectors are communication, construction, computer and
information, insurance, finance and royalties and license fees, which are expanding
fast in recent years.
China decided to significantly liberalise foreign investment in its service sectors. In
its Accession Agreement, China committed itself to the substantial opening of a
broad range of services particularly, in sectors of possible importance to India such
as banking, insurance, distribution, telecommunications and professionals
services. These commitments are in principle far reaching particularly, when
compared to services commitments of many other WTO members. These areasalso happen to be of interest to the US and there is much potential for India to work
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jointly with the US companies in expanding Indias presence in China in these
areas.
While China continued to keep pace nominally with the openings required by
its WTO accession agreement, it frequently maintained or erected terms of entrythat were so high or cumbersome as to prevent or discourage many foreign
suppliers from gaining access. For example, despite some progress, excessive
capital requirements continue to restrict market entry for foreign suppliers in many
sectors, such as insurance, banking, securities, non-bank motor vehicle financing,
asset management, direct selling.
.
Finance:
Financial sector reforms began in China in 1979, when the monopoly of the
Peoples Bank of China (PBC) was removed and its commercial functions were
separated into four state-owned banks. Joint-stock banks were introduced later to
diversify the ownership structure in the banking sector. A notable feature of the
financial sector is the high degree of government ownership.
Structure of Indias Import from China
In recent years, Indias imports from China have been diversified, and certainsectors continue to dominate in the bilateral trade. Other imports are spread thinly
in almost all the manufacturing sectors. Indias imports from China comprise both
agricultural and manufacturing products. India imports small quantities of
agricultural products and they cover, nearly 1 per cent of its total bilateral imports.
These products are mainly from the fruits and vegetable category
Indias bilateral imports are mostly concentrated in the manufacturing sector.
Four dominant sectors comprising of chemicals, machinery, base metals and textile& clothing contributed around 85 per cent to bilateral imports in 2012. Among these
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sectors, the largest and the most dynamic sector has been that of machinery
import. Its share in the total bilateral imports increased from 76.5 per cent in 2005
to 81.0 per cent in 2012, growing at a CAGR of 31.8 per cent per annum between
2005 and 2012. The chemical sector has registered a CAGR of 35.9 per cent
during 2008-12, but its share declined during the period due to significant growth in
overall bilateral imports. Some of the sectors such as minerals, plastic products,
auto sector and cinematography also witnessed substantial penetration in the
domestic market. According to the UN statistics32, Indias bilateral imports were
US$ 24.2 billion in 2009 and increased to US$ 28.9 billion in 2012, despite being
affected adversely by the recent global meltdown. In terms of composition of
Indias bilateral imports from China, sectoral shares are declining for minerals, pulp
products, textiles & clothing, and base metals. Indias bilateral pattern of imports
clearly indicates that demand for technology-intensive products is becoming strong
in the domestic market whereas demand for labour intensive and resource-based
products is gradually becoming weak in recent years.
Chinas global pattern of export is similar to its bilateral exports to India.
Agricultural products constitute a small proportion of Chinas total export, but are
expanding over the years. Contrary to its earlier practices, mineral exports are
declining in the countrys trade basket and form 2 per cent of the total exports in
2008. Manufacturing exports dominate Chinese global export. Some of the major
sectoral drivers of exports are textiles and clothing, machinery, auto sector, and
chemicals. Other important export sectors are plastics, footwear, cinematography,
etc. and many of these have grown fast in the pre-crisis period.
Indias Bilateral Trade Imbalance with China: Sustainability Issue
There is growing concern in India relating to sustainability of mounting bilateral
trade along with surging trade imbalance between them in the medium term. Some
argue that India is an emerging country with a large demand for imports to
enhance its exports and also to meet growing domestic demand for consumption
including modernisation of its industrial sector. While others argue that excess of
consumption over production may lead to an unsustainable current account deficit.
Both arguments assume that import from China is competitive compared to many
other suppliers in the domestic market. However, cost efficiency of Indian imports
from China is an empirical question which needs to be examined.
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In the 1950s, several studies took this argument further to emphasise that trade
based on least cost principle became the basis for formation of Regional Trading
Agreements (RTAs). The basis of production fragmentation has been to bring down
the cost of production to maintain global competitiveness. Present global trade
flows indicate that China is a major global player in production fragmentation in
diversified sectors, and Indias imports may be surging from China in these product
segments because of its competitive imports. Such trade activities would promote
trade in intermediate products at the bilateral level.
India is a major importer of primary and technology intensive products for
sustaining its ambitious programme of industrialisation and the countrys growing
needs for energy consumption. However, the competitiveness of Chinese products
in the Indian market is an empirical question, which needs empirical examination.
Constraints to Indias Exports to China
In general, tariffs in China are lower than those in India particularly, for Indias
major export items such as ores, pharmaceutical products, plastics, manmade
staple fibers, and iron and steel. The non-tariff barriers and informal restrictions are
of greater concern. Such restrictions in China on imports of goods and services
apply to imports from India as well. Indian industry and business organisationshave identified similar constraints in promoting their exports to China, for example:
customs procedures, standards, certification and regulatory practices, and
quantitative restrictions.
It was noted while examining the customs procedures that even after the
issuance of valuation regulations in accordance with WTO Customs Valuation
Agreement, many customs officials continue to use the minimum or reference price
rather than the actual transaction price for valuation of goods. Re-exporters are
allowed to import raw material only through a specified port. If they operate through
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other ports, they have to follow extremely difficult procedures to avail of duty free
clearance of cargo. This problem is especially serious for Indian traders because of
the limited transport links between India and China, which do not allow free choice
of ports for landing.
Rules and regulations pertaining to standards and certification as applied to
imports are different from those applied to domestic goods and these are
frequently changed, the details of which are not easily available in a published form
in the English language.. In cases of trade disputes, the international system of
arbitration for trade disputes is not recognised.Though such trade barriers are
tough in China, India can yet explore the opportunity of a large trade potential in
China in diversified sectors. Considering the trade opportunities in China and
Indias competitiveness in several lines of exports, the present trend of trade
imbalances may be settled without limiting the size of bilateral trade.
Indias Export Potential inChina
India has been maintaining a high export growth to China since 2004, but this has
been adversely affected by the recent episode of global recession. Growth of
imports in most of the important export markets of India became either negligible or
negative since September 2008. This trend is slowly turning around in recent
months. China is one among the important market destinations in which Indias
export potential has been inadequately realised on account of the recent global
turmoil. Indias large trade potential is yet to be tapped in diversified sectors of the
Chinese market ranging from primary .
China recently became Indias largest trading partner, and its exports have
increased so sharply that it is inflicting an unsustainable trade deficit on India which
has achieved a moderate bilateral export growth only so far. For reversing the
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problem of trade imbalances without interrupting the present flow of bilateral trade,
sharp focus on the growth of Indias exports may be emphasised for the balanced
growth of the domestic external sector. For addressing trade imbalances, India
should substantially improve its presence in the Chinese export market. In this
context, an attempt has been made to estimate Indias export potential in China at
a disaggregated product level based on the export competitiveness of India.
PROBLEM OF CHINESE ECONOMYAND INDIAN ECONOMY
PROBLEM OF CHINESE ECONOMY
POPULATION
SHORTAGE OF POWER
GROWING INCOME INEQUALITY
INEFFICIENT BANKING SECTOR
UNEMPLOYMENT
UNDERVALUATION OF YUAN
HUGE BALANCE OF PAYMENT SURPLUS
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INDIAN ECONOMY PROBLEM:
INFLATION
POOR EDUCATION
POOR INFRASTRUCTURE
BALANCE OF PAYMENT
GOLD TRADING
IN2011
Three weeks ago it became clear that in its fight to curb consumer thirst for gold
products, India, whose population is the largest single source of gold consumer
demand (at least for now, soon to be replaced with China) is losing said fight, after
its finance minister made it very clear that "demand for gold must be moderated"
leading to a hike in import taxes to 4%. Needless to say, there is no more certain
way to increase demand for a given commodity than to hint that the government
will make its procurement problematic. Sure enough India blamed its record current
account deficit on precisely this: the soaring imports of gold as locals revert to a
http://www.zerohedge.com/news/2013-01-02/india-finmin-demand-gold-must-be-moderatedhttp://www.zerohedge.com/news/2013-01-02/india-finmin-demand-gold-must-be-moderatedhttp://www.zerohedge.com/news/2013-01-02/india-finmin-demand-gold-must-be-moderatedhttp://www.zerohedge.com/news/2013-01-02/india-finmin-demand-gold-must-be-moderated -
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currency far more appreciated and respected than paper, a topic further explained
It is precisely the importing of gold that India is once again doing its best to curb,
this time by boosting import duties on gold bars by a 150% from 2% to 5%, a day
after it once again hiked gold import taxes, this time by 50% from 4% to 6%.
Rising imports of gold have worried the government, which is battling a record high
current account deficit. It is trying to curb gold imports to about $38 billion in the
year to March 31, 2013, down from $58 billion a year earlier.
Ironically, while the ongoing piecemeal attempts to deal with the "current account
imbalances" driven by the people's desire to park their money in real money will
fail, what the government's intervention willdo is force even more demand for gold
in anticipation of even more government attempts to make procuring gold
increasingly more difficult. But don't tell the BIS - for them this headline is nothing
more than what it implies superficially, and thus, a good reason to sell gold.
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FOREIGN TRADE POLICY:
No. Economic or Socialfactor
Unit of
measurementChina India
1. Total Area (out of
which water)
millions of sq
km
9.60 (2.8%) 3.29 (9.5%)
2. Arable Land millions of sq
km
1.48 1.79
3. Irrigated Land millions of sq
km
0.53 0.61
4. Railways - length in km '000 71.90 63.23
5. Roadways - paved -
length
in km '000 1,447 2,411
6. Waterways - length in km '000 123 14.5
7. Natural Gas - Proved
Reserves
in billion cu m 2,530 854
8. Oil - Proved Reserves billion bbl 18.60 5.70
9. Airports -
Total/paved/unpaved
numbers 489/389/89 334/239/995
10. Coastline in km 14,500 7,000
11. Steel Production million
tons/year
280 45
12. Food grain production million
tons/year
418 210
13. Cement Production million
tons/year
650 150
14. Crude Oil production million
tons/year
180 40
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15. Coal Production million
tons/year
1,300 300
16. Electricity generated Billions of
Kilowatts
2,190 557
17. Transmission &
distribution losses
as % of total
power
6.8 23.4
18. Electricity tariff US$ / 100 KW 4 to 5 8 to 10
19. Cost of commercial
borrowing
as % interest/
year
6 - 7 816
20. Telephone lines
connected
millions 311 67
21. TV sets in households millions 500 85
22. Mobile/cellular phones millions 400 100
23. Internet users millions 111 51
24. Foreign trade (China+
Hong Kong)
US$
billions/year
1038+923=1961 260
25. External debt (China+
Hong Kong)
US$ billions 242+416= 658 120
26. Exports (China+ Hong
Kong)
US$
billions/year
752+286= 1038 120
27. Imports (China + Hong
Kong)
US$
billions/year
632+291= 923 138
28. Tourist Arrivals millions/year 87 4
29. TV broadcast stations numbers 3240 562
30. Radio broadcast
stations
AM/FM/short
wave
369/259/49 153/91/68
31. FDI inflow (China +
Hong Kong)
US$
billions/year
106 8
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32. Forex Reserves
(China+ Hong Kong)
US$ billions 1017+122=
1,139
175
33. GDP (China+ Hong
Kong)
US$ billions 2102+179=
2,281
750
34. GDP Growth (2006) in % rate over
last year
9.3 7.9
35. Labour Composition Agriculture
%/Industry %/
Services %
49/22/29 60/17/23
36. Population millions 1,314 1,095
37. Population increase
per year
millions 7.2 15.3
38. Birth rate Numbers per
1000
13 22
39. Per Capita income US$ per
year/person
1,498 658
40. Life expectancy Years 74 64
41. Investment % of GDP 44 25
42. Poverty line - numbers %/Numbers in
millions
10/131 25/273
43. Inflation Rate % 1.9 4.6
44. Median age Number of
years
33 25
45. Population Growth
Rate
% of
population
0.59 1.38
46. Infant mortality rate Death Rate
per 1,000
23 55
47. GDP (PPP) US$ billions 8,182 3,699
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48. GDP (PPP) per
person
US$ per
person/year
6,300 3,400
49. Fertility Rate children
born/woman
1.73 2.73
50. Literacy Rate -
Defined as age 15 and
over
can read &
write - % of
Pop
91 60
51. Death Rate Rate per
1,000 pop
6.97 8.18
52. Public Debt % of GDP 29 82
53. Unemployment rate % of
workforce
20 30
54. Labour force in millions 797 496
55. People living with
HIV/AIDS
'000 (2003) 840 5110
56. Government budget
Revenues/Expenditure
US$ billions 392/424 111/126
1 billion = 1000 million,
1 million = 10 lacs,1crore = 100lacs = 10million
Foreign trade policy between INDIA AND CHINA
The Govt. of India, Ministry of Commerce and Industry announce Export Import
Policy every five years. The current policy covers the period 2002-2007. TheExport Import Policy (Foreign Trade Policy) is updated every year on the 31st of
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March and the modifications, improvements and new schemes are effective
1sTApril. .
Context of new Foreign Trade Policy
For India to become a major player in world trade, an all encompassing,
comprehensive view needs to be taken for the overall development of the country.
While increase in exports is of vital importance, we have also to facilitate those
imports which are required to stimulate our economy. Coherence and consistency
among trade and other economic policies is important for maximizing the
contribution of such policies to development. Thus, while incorporating the existing
practice of enunciating an annual Foreign Trade Policy, it is necessary to go much
beyond and take an integrated approach to the developmental requirements of
India's
The Foreign Trade Policy is built around two major objectives. These are:
To double our percentage share of global merchandise trade within the next
five years;
To act as an effective instrument of economic growth by giving a thrust to
employment generation.
Strategy
For achieving these objectives, the following strategies need to be adopted:
Unshackling of controls and creating an atmosphere of trust and
transparency to unleash the innate entrepreneurship of our businessmen,
industrialists and traders.
Simplifying procedures and bringing down transaction costs.
Neutralizing incidence of all levies and duties on inputs used in export
products, based on the fundamental principle that duties and levies should not
be exported.
Facilitating development of India as a global hub for manufacturing, tradingand services.
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Identifying and nurturing special focus areas which would generate
additional employment opportunities, particularly in semi-urban and rural
areas, and developing a series of 'Initiatives' for each of these.
Facilitating technological and infrastructure up gradation of all the sectors of
the Indian economy, especially through import of capital goods and
equipment, thereby increasing value addition and productivity, while attaining
internationally accepted standards of quality.
Activating our Embassies as key players in our export strategy and linking
our Commercial Wings abroad through an electronic platform for real time
trade intelligence and enquiry dissemination.
The new Exim-Policy is essentially a roadmap for the development of India's
foreign trade.
It contains the basic principles and points the direction in which we propose to go.
By virtue of its very dynamics, a trade policy cannot be fully comprehensive in all
its details. It would naturally require modification from time to time. We propose to
do this through continuous updating, based on the inevitable changing dynamics of
international trade. It is in partnership with business and industry that we propose
to erect milestones on this roadmap. With a view to doubling our percentage share
of global trade within 5 years and expanding employment opportunities, especially
in semi urban and rural areas, certain special focus initiatives have been
identified for the agriculture, handlooms, handicraft, gems & jewellery and
leathersectors.
The thrust sectors indicated below shall be extended the following facilities:
Agriculture
A new scheme called the Vishesh Krishi Upaj Yojana(Special Agricultural
Produce Scheme) for promoting the export of fruits, vegetables, flowers, minor
forest produce, and their value added products has been introduced.
Fundsshall be earmarked under ASIDE for development of Agri Export Zones
(AEZ).
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Units in AEZ shall be exempt from Bank Guaranteeunder the EPCG Scheme.
Import of capital goods shall be permitted duty free under the EPCG Scheme.
Units in AEZ shall be exempt from Bank Guarantee under the EPCG Scheme.
.
Handicrafts
Duty free import entitlement of trimmings and embellishments shall be 5% of the
FOB value of exports during the previous financial year. The entitlement is broad
banded, and shall extend also to merchant exporters tied up with supporting
manufacturers.
The Handicraft Export Promotion Council shall be authorized to import trimmings,
embellishments and consumables on behalf of those exporters for whom directly
importing may not be viable Specific funds would be earmarked under MAI & MDA
Schemes.
CVD is exempted on duty free import of trimmings, embellishments and
consumables.
Gems and Jewellery
Import of gold of 18 carat and above shall be allowedunder the replenishment
scheme.
Duty free import entitlement of consumables for metals other than Gold, Platinum
shall be 2% of FOB value of exports during the previous financial year.
Duty free import entitlement of commercial samples shall be Rs 100,000.
Duty free re-import entitlement for rejected jewellery shall be 2% of the FOB value
of Exports. Cutting and polishing of gems and jewellery, shall be treated as
manufacturing for the purposes of exemption under Section 10A of the Income
TaxAct.
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Leather and Footwear
The duty free entitlement for the import of trimmings, embellishments and footwear
components for footwear (leather as well as synthetic), gloves, travel bags and
handbags shall be 3% of FOB value of exports of the previous financial year. Theentitlement shall also cover packing material, such as printed and non printed
shoeboxes, small cartons made of wood, tin or plastic materials for packing
footwear
Export Promotion Schemes:
Target plus scheme to accelerate growth of exports.
Vishesh krishi upaj yojna for agro-exports.
Served from India scheme.
Additional flexibility under EPCG.
Import of fuel under DFRC entitlement allowed to be transferred to
marketing agencies authorized by Min of Petroleum and Natural Gas.
The DEFB scheme will be continued.
EOUs shall be exempted from Service Tax in proportion to their exported
goods and services.A scheme to establish Free Trade and Warehousing Zone is introduced to
create trade-related infrastructure to facilitate import and export with freedom
to carry out trade transactions in free currency.
A Note on Special Economic Zones (SEZ)
SEZ are growth engines that can boost manufacturing, augment exports andgenerate employment. The private sector has been actively associated with the
development of SEZs. The SEZs require special fiscal and regulatory regime in
order to impart a hassle free operational regime encompassing the state of the art
infrastructure and support services. The proposed legislation on SEZs to be
enacted in the near future would cover the concepts of the developer and co-
developer , incorporate the provision of virtual SEZs, have fiscal concessions
under the Income Tax and Customs Act, provide for Offshore Banking Units
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(OBUs)
Chapter-5
Research Methodology
Research methodology is the arrangement of condition for collection and analysis
of data in a manner that aims to combine the relevance to the research purpose
with economy in procedure. Research is conceptual structure within which
research is conducted.
Research Design:
Research design begins with the identification of management decision problem
and the success of the research highly depends on the well description of
management decision problem.
A Research Design is a frame work or blue print for conducting the marketing
research project .MY RESEARCH IS DESCRIPTIVE...
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Descriptive: Descriptive study is an extension of exploratory study and it contains
people surveyed, method of analysis, data collection and analysis of proBLEM of
India and China.
In this project, Descriptive Research Designhas been used.
The major objective of descriptive research is to describe something, usually
market characteristics or functions. Descriptive research is conducted for the
following:
To describe the characteristics of relevant groups, such as
consumers, sales people, organizations, or market areas.
To estimate the percentage of units in a specified populationexhibiting a certain behaviour.
To determine the perception of product characteristics.
To determine the degree to which marketing variables are associated.
To make specific prediction.
The Descriptive research can be classified in two methods:
1) Survey Methods
2) Observation methods
In this project, Observat ion method IS USED .As th e research is d on e by
anaysing the data from diferent second ary method s.Second ary Data:
The data which has already been collected, complied and presented earlier by any
agency may be used for purpose of investigation. The data collected through:
Var ious publ ica t ions in form of annual reports , var ious p apers and journa ls
pub l ished f rom t ime to t ime.
THOSE ARE:
1. Internet
2. Newspaper
3. Magzines
4. journals
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CHAPTER NO.6
FINDINGS AND RECOMMENDATIONS:
1. IN THIS PROJECT I HAVE ACHIVED ALL OBJECTIVES
MENTIONED ABOVE.
2. I have analysed that china will demand more gold than
India in next5 year.
3. FOREIGN TRADE POLICY BETWEEN THESE
COUNTRIES. It says that china is more focused on technology
products than labour Intensive .
4. From the facts and figures in above data I have analysed
that china demand for gold increased by 5% in year 2010-11.
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5. China demand was 1700 in 2011 from 1600 in 2010 but
India demand was constant through out the year.
6. The china demand in comparison to world demand was
increasing from 1999 to 2011.But India demand in relation to
world demand was fluctuating during this period.
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Chapter-7
Conclusion
Whether or not India overtakes china in the next two decade, it is clear that both
countries will be economic power houses in the medium term. Undoubtedly, their
growth will have significant impacts on the world economy.
Their increasing competition for the worlds raw materials and increasing shares in
the global markets for a range of goods and services is a threat to their prosperity
and growth.
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CHAPTER-8
Bibliography
References
JOURNALS: Dimaranan Betina, Lanchovichina Elena, and Martinr Will, 2007,
China, India, and the Future of the World Economy, Policy Research Working
Paper 4043, The World Bank Development Research Group, August
Wilson Dominic and Purushothaman Roopa, 2003, Dreaming with BRICs: The
Path 2050, Goldman Sachs, Global Economics Paper no : 99, October.
McDonald Scott, 2007, Asian growth and Trade Poles, World Development Vol.
36, Oxford Brookes University, UK , June.
http://www.slideshare.net/AnuragKanoongo/india-and-chinaan-
economycomparison16433169ist.com/blogs/dailychart/2010/12/comparing-
india-and-china.
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http://buysiness.maps
http://c/Documents%20and%20Settings/jims/Desktop/%20http:/www.slideshare.net/AnuragKanoongo/india-and-chinaan-economycomparison1643http://c/Documents%20and%20Settings/jims/Desktop/%20http:/www.slideshare.net/AnuragKanoongo/india-and-chinaan-economycomparison1643http://c/Documents%20and%20Settings/jims/Desktop/%20http:/www.slideshare.net/AnuragKanoongo/india-and-chinaan-economycomparison1643http://c/Documents%20and%20Settings/jims/Desktop/%20http:/www.slideshare.net/AnuragKanoongo/india-and-chinaan-economycomparison1643http://ibef.org/indiachina.aspxhttp://ibef.org/indiachina.aspxhttp://buysiness.maps/http://buysiness.maps/http://buysiness.maps/http://ibef.org/indiachina.aspxhttp://c/Documents%20and%20Settings/jims/Desktop/%20http:/www.slideshare.net/AnuragKanoongo/india-and-chinaan-economycomparison1643http://c/Documents%20and%20Settings/jims/Desktop/%20http:/www.slideshare.net/AnuragKanoongo/india-and-chinaan-economycomparison1643http://c/Documents%20and%20Settings/jims/Desktop/%20http:/www.slideshare.net/AnuragKanoongo/india-and-chinaan-economycomparison1643 -
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http://www.hwtang.com/uploads/3/0/7/2/3072318/world_economy.pdf
https://www.lawschool.cornell.edu/research/ILJ/upload/Sweeney.pdf
http://articles.economictimes.indiatimes.com/keyword/gold-reserves
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idINDEE9AD02X20131114
http://www.slideshare.net/AnuragKanoongo/india-and-chinaan-
economy-comparison-16433169
http://www.hwtang.com/uploads/3/0/7/2/3072318/world_economy.pdfhttp://www.hwtang.com/uploads/3/0/7/2/3072318/world_economy.pdfhttps://www.lawschool.cornell.edu/research/ILJ/upload/Sweeney.pdfhttps://www.lawschool.cornell.edu/research/ILJ/upload/Sweeney.pdfhttp://articles.economictimes.indiatimes.com/keyword/gold-reserveshttp://articles.economictimes.indiatimes.com/keyword/gold-reserveshttp://en.wikipedia.org/wiki/Gold_reservehttp://en.wikipedia.org/wiki/Gold_reservehttp://in.reuters.com/article/2013/11/14/gold-demand-wgc-india-idINDEE9AD02X20131114http://in.reuters.com/article/2013/11/14/gold-demand-wgc-india-idINDEE9AD02X20131114http://in.reuters.com/article/2013/11/14/gold-demand-wgc-india-idINDEE9AD02X20131114http://in.reuters.com/article/2013/11/14/gold-demand-wgc-india-idINDEE9AD02X20131114http://www.slideshare.net/AnuragKanoongo/india-and-chinaan-economy-comparison-16433169http://www.slideshare.net/AnuragKanoongo/india-and-chinaan-economy-comparison-16433169http://www.slideshare.net/AnuragKanoongo/india-and-chinaan-economy-comparison-16433169http://www.slideshare.net/AnuragKanoongo/india-and-chinaan-economy-comparison-16433169http://www.slideshare.net/AnuragKanoongo/india-and-chinaan-economy-comparison-16433169http://www.slideshare.net/AnuragKanoongo/india-and-chinaan-economy-comparison-16433169http://in.reuters.com/article/2013/11/14/gold-demand-wgc-india-idINDEE9AD02X20131114http://in.reuters.com/article/2013/11/14/gold-demand-wgc-india-idINDEE9AD02X20131114http://en.wikipedia.org/wiki/Gold_reservehttp://articles.economictimes.indiatimes.com/keyword/gold-reserveshttps://www.lawschool.cornell.edu/research/ILJ/upload/Sweeney.pdfhttp://www.hwtang.com/uploads/3/0/7/2/3072318/world_economy.pdf