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Comparative Analysis of Economic Growth Factors in India and China During 1984-2015
Through the past 20 years China and India demonstrated high economic growth rates. Nevertheless, India seems to lack behind significantly. This paper examines reasons for this economic gap between the two countries and analyzes differences in the growth composition of China and India. The purpose of the study is to define why India has to catch up now and to identify the main growth drivers in both countries. The chosen time frame starts from the year when the countries revealed approximately the same GDP per capita and lasts to 2015. The author suggests realistic econometric growth models for China and India based on the modified Solow model with human capital and technological progress.