21.03.2014

Chinese products vs indian products mobiles

Recently, Bob Cringely, a tech writer, posted an interesting viewpoint on his blog – that it is India that will be the next superpower and not China as many believe. During the past decade, we have tended to ignore China as competition on account of our command over the English language. Yes, China continues to churn out fakes and low-quality, cheap goods but you would be surprised at how consumers are buying up these cheap products over and over again without inhibition. Talking of quality – guess where those shiny iPhones that the whole world lusts after are made? While expanding its industrial and manufacturing prowess, China has also been shrewd to look at servicing the demands that such expansion sets forth. Africa continues to be a troubled continent with its faction wars and military governments.
In the name of privatization, we have also opened up our public sector oil and mining companies to the stock market.
The long lasting cultural ties of India and China have created a platform for integration, but conflicts of interest still plague important policy decisions.
The two Asian giants are still growing rapidly and are a force to be reckoned with on the global stage. India purchases more imported goods from China than any other country, with machinery representing 36% of India’s total purchases from China.
The trade between the two nations has been relatively one-sided, as China imports significantly less from India and exports significantly more to India. Years of trade between the two nations, primarily Indians buying Chinese products, are responsible for the current $31.42 billion trade deficit. The Indian government has called for increased transnational investment, specifically in the form of Chinese investment centers in India and Indian pharmaceutical production in China.
Combined, India and China are projected to spend approximately $10 trillion per year by 2020- more than three times what they spent in 2010, with China’s annual expenditures reaching more than $6 trillion  and India’s annual expenditures reaching more than $3.6 trillion. Adapted from paper written by Alex George, Danny Lopez, Madi O’Bagy, University of Puget Sound. This is brilliant chart prepared by many organizations including The Economist about the real comparison of India and China. Simple facts of the two fastest growing economies of the world say, Chinese dragon is way ahead of Indian elephant in terms of their respective future economic growth.
China will take over USA in 2018 as the world’s largest economy, says an economic game published in the December 31st edition of the Economist.
The gap between India and China is widening in terms of values of most social indicators of living standards, such as life expectancy, infant mortality rate, mean years of schooling, the coverage of immunization. India’s prime minister announced that he was ashamed of the fact that India still has many malnourished children despite being fastest economies of the world. The only area, India has a point to smile, is their domestic consumption which is not far off from that of China’s. Another critical negative factor for India’s economy are the inflation and the unemployment rates, which much bigger than China’s. Recent announcement of the government of India of huge food subsidies is fraught with many economic ills. Over the last two decades, in all the social indicators, India has persistently declined even in the areas of social development indicators as compare to Bangladesh, Sri Lanka, Nepal and even Bhutan.
Many more Indians have various deprivations, undernourished, unschooled, and medically uncared much, Prof. Financial times quoted Kunal Kumar Kundu, senior economist at Roubini Global Economics in Delhi as saying that at the end of the day, it was all about attractiveness of the market.
It is time to put wings on the elephant, rather than waiting for an evolution of flying elephant, lest China will be the next USA, not a hearty choice for India. The shifting of UK financial services jobs to developing countries such as India and China has saved the sector about ?1.5bn a year, a study suggests. Accountants Deloitte said the number of financial jobs going overseas over the past four years had increased 18-fold.
As financial institutions enter the second offshoring phase, their efforts are on streamlining migrated business processes.
If the Indian economy has been growig at such a robust pace, why has government debt risen so much? Over time, these very factors plus lower entry barriers have contributed to stronger microfoundations for growth by increasing competition and hardening budget constraints for firms and financial sector institutions. Similarly, the worsening of public finances during the late 1990s can be attributed to the cumulative effects of tax losses, the negative growth effects of cuts in capital expenditure that were made to offset the tax losses, and a pullback in private investment (hence, growth and taxes), a situation which is now turning around. Latest story from India is about rent-seeking with a difference - a group seeking to have their social status lowered in order to benefit from government affirmative action quotas. Tension over the still-rigid caste classifications, which underpin the Indian social system, spilled over into riots across the state of Rajasthan, with at least 23 people killed during clashes with the police.
This was not the usual show of anger at the ever-prevalent discrimination faced by members of lower-caste groups. Quotas of university places and lucrative government positions are reserved for members of the Scheduled Castes under the system that was created when India became independent 60 years ago. Sachin Pilot, the Congress Party member of Parliament for the region where six people were killed by police gunfire Tuesday and a member of the Gujjar caste, said as many as 70,000 protesters were still blocking the road out of Jaipur.
I have posted before about Wal-Mart's planned retail foray into India, and Reliance's ambitious expansion plans. It's indeed possible that Sriperumbudur in India's Tamil Nadu state may start churning out as many mobile phones in three years as Shenzhen in southern China does now.
The question is whether India has the political will and the administrative savvy to take Sriperumbudur to its full potential. While many complain about globalisation in the West, in developing economies it is seeing rewards for managerial and professional staff take off. For those wondering when the Indian economy might start to rival China's hectic pace, there have been some encouraging signs lately.
The upgrade will open the country’s capital market to a wider investor base, but is unlikely to trigger a re-rating of asset values as both fixed-income and equity investors had priced in the fiscal progress that prompted the move. Both India and China have large populations, low incomes and rapidly rising GDP, yet the composition of their growth has been quite different. These figures challenge the conventional wisdom that China's growth is more dependent than India's on investment than on efficiency gains. According to conventional wisdom, Chinese workers have shifted largely from farming to factories, whereas India's growth has been driven largely by services, from call centres to writing software. This is a personal web site, produced in my own time and solely reflecting my personal opinions. Poor white Americans’ current crisis shouldn’t have caught the rest of the country as off guard as it has.
Sometime during the past few years, the country started talking differently about white Americans of modest means.
The latest offering from the DC Comics superhero universe may be the most disastrous yet—and that’s saying something.
Imagine, for a moment, that Marvel Studios had decided to launch its vast cinematic universe with Captain America: Civil War. This is the challenge that Suicide Squad sets for itself early, and it succeeds just about as poorly as you might imagine. A growing number of conservatives are willing to defy the GOP in the hope of defeating Donald Trump.
When lifelong Republican and former Ronald Reagan aide Doug Elmets publicly declared his support for Hillary Clinton over Donald Trump, backlash was swift. A small, but growing, number of Republicans are turning their back on the party’s presidential nominee and rallying around Clinton as the days tick down to the general election. If the GOP becomes a party of white identity politics, it would hurt both the principled right and the “Bernie-or-Bust” left. On Thursday, the candidate challenging Speaker Paul Ryan in a Wisconsin Republican primary, Paul Nehlen, declared in a radio interview that the United States should consider deporting all Muslims. The comments came days after Donald Trump injected energy into his campaign by pointedly complimenting him on social media and refusing to endorse Ryan. Meanwhile, down in Louisiana, David Duke, the former Klansmen who waged a losing campaign for governor in 1991, announced a return to electoral politics.
In 2006, Donald Trump made plans to purchase the Menie Estate, near Aberdeen, Scotland, aiming to convert the dunes and grassland into a luxury golf resort. On the other hand, do such benefits justify the Brazilian government and private investors spending somewhere between $12 billion and $20 billion—roughly the gross domestic product of Iceland—to host the Summer Olympics? Four couples in Oregon are trying to ease the burdens and costs of modern parenthood by sharing a home, a truck, and nightly dinners. COLTON, Oregon—On 20 acres of land outside Portland, eight adults are rethinking what many Americans would consider a normal family structure. The four couples—two with young children, two with teenagers—share the property, a rambling plot of land with meadows, forests, a brook and an assortment of old rusted-out cars and trailers leftover from the previous property owner. Psychologists suggest there’s a sweet spot between accepting who you are and striving for who you want to be. Americans spend billions of dollars each year on books and seminars claiming to help people change their personalities.
Recently, a series of studies in Australia looked to see whether changes in personality (regardless of the cause) were associated with increases in life satisfaction. Perhaps the hardest thing to do in contemporary American politics is to imagine how the world looks from the other side. Elite universities with endowments of more than $500 million tend to be frugal with aid for low-income students. Call them the top 4 percent: elite private colleges and universities that together sit atop three-quarters of the higher education terrain’s endowment wealth. Among that group of 138 of the nation’s wealthiest colleges and universities, four in five charge poor students so much that they’d need to surrender 60 percent or more of their household incomes just to attend, even after financial aid is considered. Perhaps, his article was doling out sarcasm and was not a serious argument in support of India becoming the powerhouse of the century.
The key attribute here is that they are so cheap that you can afford to replace them once every few months. It would appear that a large stake in each of these companies is now in foreign hands through the QIB route.
We can’t go down that path but we should try emulating the results that their practices bring out – that of a united front to the world. Alongside the pretty economic picture, we need the support of an undivided nation to get there.


In the long run, however, I’m betting on India to emerge as the more significant global economy. There are many opportunities for beneficial development between China and India due to geography, complementary industries, and rapidly growing innovative social and economic structures.
Rather than attempt to slow their growth or hinder development, other nations should anticipate the rising consumer classes of these nations and capitalize on providing products and services. What is of great significance is that the countries will both have a large influence on the world in the years to come. The pic explains the exact differences between GDP per person, literacy rate, electricity consumption, population living in urban areas, agriculture spending, internet users, cars per 1000 pop., higher education enrollment, crude birth rate, child morality of the two powerful countries. India is in urgent need to think beyond corruption, religion, caste and many other issues to create a real tough challenge for the Red Dragon. Steel is a vital raw material for any development particularly in infrastructure and manufacturing industries. 97 percent of Chinese children are immunized with DPT vaccine, in contrast with India’s meagre figure of 66 percent. The fact that in 2011,  12.3% of residential patents registered in the world is from China , a massive increase in its registration , suggest that they are truly emerging as a world leader in innovation.
This can also be interpreted in different ways: China has a huge potential for its retail market as the domestic market is still yet to be exploited. India’s average inflation rate for 2011 was 9%, where as China’s inflation was less than 6%.
The biggest of all is that China has $3 trillion foreign exchange reserve, the highest in the world where as India has only $314 billion as at the end of 2011.
Dr Manmohan Singh, the prime minister of India said in his new year’s speech that India need pare back subsidies and implement tax reform because he was concerned about fiscal stability in future. Amrtya Sen once said that the distinctions  are important for the emerging economies which are trying to decide where to emerge. Remember, even Indian investors were now more prone to investing outside of India than they were within India, given the various issues they are facing – policy paralysis and corruption.
India is not dying; but India is simply not staying fit to fight for global economic dominion. More than 75% of major financial institutions have operations overseas, compared with fewer than 10% in 2001. Most major financial institutions now operate a sizeable, low-cost offshore delivery function. Organizations can realize the full value from their offshore operations only when all three phases are complete. The impact of this application on best practices is becoming evident across all financial services.
This has put their prospects of realizing full future value from their offshoring operations at risk.
World Bank economists Marina Wes, Brian Pinto and Gaobo Pang answer the question in WB Policy Research Paper 4241: India rising - faster growth, lower indebtednessOver the past 25 years, India's economy grew at an average real rate of close to 6 percent, with growth rates in recent years accelerating to 9 percent.
The authors suggest that the impressive growth acceleration of the past few years, which is now lowering government indebtedness, can be attributed to the lagged effects of these factors, which have taken time to attain a critical mass in view of India's gradual reforms. Insufficient capital expenditures have contributed to the infrastructure gap, which is seen as a constraint especially for rapid growth in manufacturing. Amelia Gentleman reports in today's International Herald Tribune on the the Gujjar community, who are Fighting their way to the bottom in IndiaNEW DELHI: A fight for the right to be downwardly mobile exploded this week in north India, as a powerful community of Indian shepherds asserted that the best way to rise up in modern society was to take a step down in the regimented class hierarchy.
Instead, it stemmed from controversy over a demand from the Gujjar community of farmers and shepherds to have their low caste status officially downgraded, relegating them to the bottom classification in the caste ladder. Although the Gujjar caste is also eligible for some privileges because of its position in the second-from-bottom grouping - known in bureaucratic lexicon as Other Backward Classes - its leaders point out that members would enjoy much better preferential treatment if it were demoted to the lowest rung.
Bloomberg columnist Andy Mukherjee ask whether Sriperumbudur in India's Tamil Nadu state may be India's answer to Shenzhen. That won't be a mean feat, considering Shenzhen makes one out of eight handsets sold anywhere in the world. It took a leader of Deng Xiaoping's foresight, and the might of China's command-and-control economy, to create Shenzhen.
This will not only reduce the brain drain in those countries, it also increases the rewards for human capital - which can be no bad thing. S&P had downgraded India’s sovereign rating to junk status in May 1991, during the balance of payments crisis that triggered the start of the reform era. It has a ratio of public debt to GDP – at 85 per cent – that is more than three times higher than China’s.
A recent paper* by Barry Bosworth and Susan Collins, of the Brookings Institution in Washington, DC, explores the sources of expansion in both countries, breaking down total GDP growth into increases in inputs of labour and capital, and gains in TFP.
Over the past decade TFP has in fact accounted for a bigger slice of GDP growth in China than in India.
However, the share of services in GDP is much smaller in China (33%, against India's 50%), because Chinese industry is so much more productive. Statements on this site do not represent the views or policies of my employer, past or present, or any other organisation with which I may be affiliated. That is to say, the movie didn’t merely have to introduce Black Panther and reintroduce Spider-Man; it also had to introduce Cap himself, and Iron Man and Black Widow and Falcon and Vision and Scarlet Witch and everyone else all the way on down the line. Intelligence operative Amanda Waller (Viola Davis) is at dinner with a general, when she slaps down a binder marked TOP SECRET in letters big enough to be seen from space. A longtime mentor called him up to ask: “‘Have you lost your goddamn mind?’” Elmets recalled. Earlier this week, Representative Richard Hanna of New York broke with his party to become the first sitting Republican member of Congress to announce that he will vote for Clinton over Trump.
He and the estate’s owner, Tom Griffin, sat down to discuss the transaction at the Cock & Bull restaurant. On the one hand, I’m thrilled that a South American city is hosting the Olympic Games for the first time. They’re trying to address many of the burdens that come with modern life, including the hours taken up by full-time jobs and the challenges of raising children in a nuclear family.
There’s a main house and two small cabins out back; One of the only rules for the community is that everybody will share the main house’s two bathrooms, one shower and the kitchen. These books are built on the assumptions that personality can change, and that changing personality is good: Altering the basics of who you are will make you a better, healthier, happier person.
The series drew on the country’s HILDA Survey (Household, Income and Labour Dynamics in Australia), which annually assesses the personality, life satisfaction, positive affect, and negative affect of a large, nationally representative sample of Australia’s population.
Nearly half have enrollment rates of low-income students that place them in the bottom 5 percent nationally for such enrollment. Set aside your patriotic cloak for a few minutes and ask yourself whether India does have an edge over China in the upcoming struggle for power. The future of this project now rests with Pakistan – the neighbour we are quarrelling with over a piece of land. ONGC and Reliance have made significant investments in overseas oil projects but there aren’t enough results to judge if India will succeed in sourcing all of its energy needs. China has realised this and is working its way to patching itself up but they are making very slow progress. Our country needs to take a long hard look at where it’s headed and make arrangements in terms of resources and infrastructure to sustain the future. Representing a large portion of the global population, these nations are set to become major global players economically. Recently the world has been taken aback with China’s announcement of sending astronauts to the moon and sending a well designed space station after USA is abandoning its own. According to the world competitive ranking China is at 31st position as compare to India, which is at 50th position. The Unemployment rate of India was nearly 9%, when China had 4% which is considered negligible according to international standard. India needs no horse race competition with China in relation to the economic growth figure but with the other aspects of social values developments, quality and standard of living developments, democratic values and political liberties. The pulse rate, through the economic stethoscope, says India’s economic pulse is much slower that that of Chinese. The industry’s cumulative cost savings for the last four years have risen sharply, propelled by an 18-fold increase in offshore headcount.
Six per cent of staff may not sound that much, but if it has doubled in just four years it could easily double again. Yet by 2005-06, the general government debt-to-GDP ratio was 34 percentage points higher than in the 1980s.
The authors discuss ongoing reforms in revenue mobilization and fiscal adjustment at the state level, which if successfully implemented, will result in a better alignment of public finances with growth by generating further fiscal space for infrastructure and other development spending.
If so, it will need political will and administrative savvy, he writes:There's much optimism in India about the transformation of a small hamlet of paddy fields and wetlands in the south of the country into a global electronics hub. Who will bat for Sriperumbudur, which sends one lawmaker to the 545-member parliament, in democratic India? Chidambaram, finance minister, said he was “happy” at the rating agency’s “acknowledgement of India’s improving macroeconomic stability and strength”. A recent article in the Economic Times claimed that the growth in India's total factor productivity (TFP), the efficiency with which inputs of both labour and capital are used, had accelerated, whereas China's had slowed owing to wasteful investment. Thanks to economic reforms, India's TFP growth has improved from its paltry 0.2% a year in the 1960s and 1970s before the economy was opened up, but it is still much slower than in China.
Indeed, India's TFP growth in farming has fallen since 1993, dragging down overall TFP growth because agriculture still employs a large share of the population. Since 1993 the rate of increase of China's service-sector jobs has been four times that in industrial jobs and has exceeded that in India. The information on this site is provided for discussion purposes only, and are not investing recommendations.
There was much discussion of “white working-class voters,” with whom the Democrats, and especially Barack Obama, were having such trouble connecting. It needed to set up backstories and narrative arcs and romantic entanglements for everyone involved. In it are “the worst of the worst,” an assembly of evildoers whom Waller has managed to corral in a super-secure facility; she wants to form them into a team of on-the-leash supervillains who can do the government’s dirty work with utter deniability. Republican fundraiser Meg Whitman came forward to say that she too will support Clinton—personally and monetarily—in order to defeat Trump. Griffin recalls that Trump was a hard-nosed negotiator, reluctant to give in on even the tiniest details.
People around the world will have the opportunity to explore Rio de Janeiro’s many marvels.


Last week, I wrote about how the latest science of personality suggests that personality can indeed change—either through natural maturation, new responsibilities, or intentional strategies. In one of the studies, researchers examined the data from 11,104 Australians, ages 18 to 79, over the course of four years. But I’ve also been talking to his supporters and advisors, trying to understand how they see and hear the same things that I do, and draw such very different conclusions.
You think Donald Trump is screwing up because he keeps saying things that you find offensive or off-the-wall. A majority of the world’s high-tech equipment are made by Chinese companies and these rank very high up in terms of quality as well. Whatever mineral resources India does have are being siphoned out of the country by our elected representatives. We can’t have political parties openly assaulting the same migrant workers that keep the economy booming. China’s economy remains export-driven, with consumers accounting for only 38 percent of gross domestic product, far below the levels of many developing and developed countries. The result in 2011 says, China’s GDP growth is 9.2% where as India’s will be 7% as the prime minister, Dr Manmohan Singh, reckoned. Local media say India may have found its equivalent of China's Shenzhen, or at least a miniature version of it. But it's not all good news, as Johnson's piece points out:India has been a conundrum for rating agencies, which have had to weigh up its weak public finances against its rapid growth, surging foreign exchange reserves, low external debt and easy access to a captive domestic debt market. Today India's central bank raised its growth forecast to 9 per cent, raised the official repo rate for a fifth time in a year to curb inflation, and warned of further “signs of overheating”. As a result, the article boasted, rising productivity—the main driver of long-run economic growth—is now running neck and neck in the two economies. Worryingly, the figures also show that India's TFP grew more slowly in 1999-2004 than in 1993-99. China's real output of services has not only grown almost as fast as its industrial output, but also faster than India's services. This is due in part to rigid labour laws, which prevent the most efficient use of workers, and to a lack of modern infrastructure. Under no circumstances does this information represent a recommendation to buy or sell securities. Never mind that this overbroad category of Americans—the exit pollsters’ definition was anyone without a four-year college degree, or more than a third of the electorate—obliterated major differences in geography, ethnicity, and culture. But, as Michael D’Antonio writes in his recent biography of Trump, Never Enough, Griffin’s most vivid recollection of the evening pertains to the theatrics. In an age of fear and loathing, the Parade of Nations and spectacle of countries competing peacefully is most welcome.
They found that increases in extraversion, conscientiousness, and agreeableness were all associated with increased life satisfaction, whereas increases in neuroticism were associated with decreased life satisfaction. What follows isn’t a transcription—it’s a synthesis of the conversations I’ve had, and the insights I’ve gleaned, presented in the voice of an imagined Trump supporter.
Additionally, if India and China can resolve their disputes and come to some sort of deal, the two nations have the ability to form a new economic center of the world and sustain growth. This is one reason, why India’s overseas funds withdrew a net $380m in 2011 compared to record inflows of $29bn in 2010. They argue that the main factor in the deterioration of government debt dynamics after the mid-1990s was a reform-induced loss in trade, customs, and financial repression taxes.
This reflected both stronger capital investment in China and much faster growth in TFP, which increased at an annual rate of 4% against India's 2.3% (see left-hand chart). Since 2004, TFP growth has probably spurted (the figures are not yet available), but this may reflect a cyclical boom. The label served to conjure a vast swath of salt-of-the-earth citizens living and working in the wide-open spaces between the coasts—Sarah Palin’s “real America”—who were dubious of the effete, hifalutin types increasingly dominating the party that had once purported to represent the common man. And it needed to do all of this in about 15 minutes in order to subsequently come up with a lame supervillain for them to fight.
It was as if the golden-haired guest sitting across the table were an actor playing a part on the London stage.
Brazilians living through political and economic crisis may likewise appreciate the chance to revel in their country’s successes for a change. Although we relate China to cheap low-quality products, China is equally adept and successful at manufacturing high quality and high-tech devices and products. India should use this image to its advantage and bring more business from around the world. They want households to spend more and save much less than the current rate of almost 30 percent.
Contrary to the popular claim that China's TFP growth has slowed, the authors find that it has accelerated from a pace of 3.6% in 1978-93. India therefore has huge scope to sustain rapid growth by shifting workers from agriculture to more productive jobs in industry and services. They also do it at a very cheap price, which is why companies flock to China to manufacture their market leading products. One of the reasons that savings play such a big role is the high value Confucian society puts on providing for one’s family. The Chinese also save to pay for education for their children and to cover health care and retirement costs because there is no equivalent of Medicare and Social Security.
In some rural hospitals, a practical nurse is the most highly trained medical practitioner.
Higher Wages China has also increased minimum wages 20 percent to 30 percent in the last year to enhance consumer incomes and purchasing power. Yet higher pay, notably for factory workers producing goods for foreign companies, is driving low-skilled manufacturing jobs to cheaper venues such as Vietnam, Bangladesh and Pakistan.
Furthermore, Western companies are increasingly resisting the requirement that they transfer technical expertise to Chinese partners as the price of setting up production facilities in China. There is a widespread belief that much of the success of Chinese manufacturers is due to such voluntary technology transfers or outright theft of intellectual property. China recently reduced its target for real GDP annual growth to 7.5 percent from 8 percent. That target is probably too high as China’s one-child policy leads to a population decline, especially among new labor-force entrants.
The number of 15- to 24-year-olds is already dropping and this group is projected to account for 150 million people in 2030, compared with 250 million in 1990. As a result, China’s labor force between the ages of 15 and 65 is expected to peak in 2014. At the same time, better conditions in rural areas have reduced the availability of cheap labor in coastal cities.
Furthermore, the age distribution of India’s population is better because of China’s one-child policy, which is now being reconsidered in view of its negative consequences for the country’s long-term labor force and economic growth.
This means that the dependency ratio, the proportion of children and senior citizens to working-age people, is expected to continue falling in India in coming decades and to increase in China. Younger Population Younger people, of course, tend to be more geographically mobile, flexible in terms of occupation and creative. But these advantages only translate into greater productivity and economic growth if these workers have the right education and training as well as job opportunities.
Several centuries of British colonial rule left India with a vigorous democracy and a parliamentary form of government. China, however, remains centrally controlled, with the Communist Mao Dynasty, as I’ve dubbed it, simply replacing the dynasties of old.
The British also left India with a railway system that enabled the relatively easy movement of people and goods in that vast country. By contrast, China doesn’t grant resident status to farmers who move to urban areas in search of work. And, of course, the British gave India the English language — very useful in today’s world and a unifying force in a country with hundreds of languages and dialects. India also inherited a legal system that is very different from the Communist Party-dominated courts in China, which feature show trials and foregone convictions, as demonstrated by the recent trial and conviction of Gu Kailai, the wife of the disgraced party leader Bo Xilai. India is also home to a number of large, sophisticated companies, such as Tata Group, that can compete globally. China, meanwhile, is burdened with government-controlled banks and other hugely inefficient state-owned enterprises that still produce a significant share of GDP and employ a quarter of the workforce.
The ability of India’s many engineers and scientists to communicate in English is also a big help.
Furthermore, the booming information-technology sector relies more on new technologies such as satellite transmission than it does on India’s utilities and inadequate basic infrastructure. English Speakers US and European companies outsource many back-office and even legal and medical services to India.
Outsourcing now yields about $69 billion in annual revenue, accounting for a quarter of Indian exports. The lower wages in India and English-language skills of call-center employees offer big advantages to this industry.
PricewaterhouseCoopers LLP estimates that 470 million Indians, or 38 percent of the population, had annual incomes of between $1,000 and $4,000 in 2010, enough to permit some discretionary spending. The number of consumers with such ready cash is expected to jump to 570 million in a decade, with about $1 trillion in income.
Of the 247 million Indian households, 77 percent owned televisions, and 42 percent had bicycles, motor scooters or motorcycles, though only 10 percent possessed a motor vehicle, according to the 2011 census of India. Furthermore, much of Indian household saving is invested in gold and the dowries of yet-to-be married daughters. Another strong point is that the Reserve Bank of India is relatively independent of government influence, while the People’s Bank of China is completely controlled by the state. During the recent regime change in China, the PBOC governor, Zhou Xiaochuan, was dropped from the list of 205 members of the Communist Party’s Central Committee and is apparently being forced into retirement. India has a vigorous and opinionated free press, compared with China’s state-controlled propaganda machine.



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