“The economic revolution that Narsimha Rao launched in the middle of 1991 may well be more important than the political revolution that Jawaharlal Nehru initiated in 1947. It is the same in China, where the economic revolution that Deng Xiaoping introduced at the end of 1970s is more important than Mao’s revolution of 1949. (Das 2000)1” The hidden dragon and the crouching tiger were the sobriquets used to refer to China and India respectively. China, after Mao’s revolution, and India, post-independence, had gained the political freedom to act on the global stage. But the economic potential of the two nations was yet to be realized. These two Asian wonders embarked on a journey to gain economic freedom. Freedom from status quo. Freedom from cobwebs of a closed economy. Freedom from economic restrictions. China, the hidden dragon, unlocked its economic potential in 1978. India, the crouching tiger, leaped forward on the account of 1991 economic reforms. Both economies since then have surged forward relentlessly. Chinese economy, in the mean time, is close to secure its position as an economic superpower. Indian economy is rapidly catching up with USA, Japan and China. The seeds of the economic progress were sown in an era of economic reforms. The hidden dragon is visible whereas as the crouching tiger has leapt. This assignment analysis the economic reforms in China (1978) and in India (1991) as well as compares the two scenarios.
For detailed research paper Click: Liberalization in China and in India A Tale of Two Economies
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