How have we benefitted from globalization from 1990 to today?
Poor and struggling until the 1960s to 1990s, India and China, both largely populated Asian countries, emerged and greatly benefited from globalization from 1990 to today but have had different trajectories and outcomes.
Let’s study them on these 10 parameters.
1. GDP
1990: China’s GDP was around $360 billion, while India’s was about $320 billion.
Today: China’s GDP has grown to become the world’s second-largest, exceeding $17 trillion. China is 5.5 times bigger than India.
India’s GDP has also grown significantly, reaching over $3 trillion, making it the world’s fifth-largest economy.
2. Per Capita GDP
1990: In 1990, India’s per-person income was $367, while China’s was $317.
Today: China’s per capita GDP has grown substantially, surpassing $12,000. India’s per capita GDP has increased but remains lower than China’s, at around $2,200.
3. Share of World Trade
1990: India’s share stood at 0.5% and China’s at 1.3%
Today: While India’s share of global trade rose to India’s share is 3.1%, China became the world’s largest trading nation with 12.8% of world trade.
4. Forex Reserves
1990: India was on the last of its reserves at $5.8 billion, and China held $60.4 billion
Today: China holds the world’s largest forex reserves, exceeding $3.3 trillion. India’s forex reserves have thrived, around $630 billion.
5. Gold Reserves
1990: Both had modest gold reserves, India at 360 tonnes and China at 368 tonnes.
Today: China has significantly increased its gold reserves, one of the top holders globally with over 1,900 tonnes. India also holds substantial gold reserves, around 750 tonnes.
6. Defense Budget
1990: India has a budget of $12.4 while China $4.2 billion.
Today: China’s defence budget is the second-largest globally, exceeding $250 billion. India’s defense budget has also expanded to around $70 billion.
7. Population Growth
1990: Both nations were experiencing rapid population growth. India had a population of 848 million and was growing at 2.14%, whereas China has a population of 1.3 billion, growing at 1.43%
Today: India’s population is the largest in the world, with 1.44 billion, and China’s population stands at 1.4 billion. India’s growth rate is 0.7%, while China’s has become almost zero.
8. Diaspora
1990: Both had significant diaspora communities, India at around 15 million and China at around 25 million.
Today: The Indian diaspora is one of the largest globally, estimated at over 30 million. The Chinese diaspora is also significant, with around 50 million people living overseas, particularly in Southeast Asia and America.
9. Students in the USA
1990: India had around 30,000 students, while China was 1,645,472
Today: In the 2022–2023 school year, 289,526 students from China and 268,923 students from India studied in the United States, making them the top two countries of origin for international students.