The development strategies which have been adopted by India and China over the last 20 years.

... I. Abstract The driving forces in the world economy are shifting towards Asia. This paper highlights the development strategies which have been adopted by India and China over the last 20 years. Both the countries have adopted policies aimed at opening up their economies in their quest to transform themselves into developed nations. It is not an easy passage as each of these countries is faced with serious economical challenges. Yet, despite the challenges they have registered spectacular economic growth in the last two decades which are effecting a profound impact on the rest of the world. II. Content page No: Subject Page 1.0 Introduction 3 1.1 Research Problem 3 1.2 Research Objective 4 1.3 Research Question 4 2.0 Research Methodology 4 3.0 Finding 4 3.1 China's economic prospects 5 3.1.1 The phenomenal growth 5 3.1.2 The challenges 6 3.2 India's economic prospects 9 3.2.1 The pace of growth 9 3.2.2 The challenges 11 4.0 Analysis 12 4.1 The world trading system 12 4.2 The world monetary system 13 4.3 Foreign direct investment 14 5.0 Conclusion 15 6.0 Learning outcome/recommendation 16 References 17 1.0 Introduction In 1980, India was the fifth largest economy in the world, while China was eight largest (in terms of Gross Domestic Product (GDP) compared at

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