Author:
Srikanth Kondapalli, School of International Studies, Jawaharlal Nehru University (New Delhi, India)
Abstract:
As the second and fifth largest economies in the world, China and India have embraced the vicissitudes of world economy and re-adjusting their policies to strengthen their economies as well as to usher in a multipolar world. Both have launched their long-term strategic plans for self-strengthening in Made in China 2025, “socialist modernisation” by 2049 by China and Vikas (Development)/Viksit Bharat (Developed India) 2047 campaigns by India. In its current 14th Five Year Plan, China had announced a shift towards an innovation-driven model, emphasising technological advancements and domestic consumption. India had also launched Make in India, Skill India, Digital India and other plans. Despite challenges, both of these countries are currently experiencing massive social transformations in human resources development, talent generation, industrial growth specifically knowledge economy and other related fields. Both China and India have also been aware of the socio-economic stress that globalisation has set in and hence have undertaken social welfare policies like addressing “san nong”, “jandhan” (direct bank transfers) and other schemes. It is argued that, despite problems, the efforts of China and India are transforming the socio-economic fabrics of these countries
Keywords: India-China economy, Multipolar world, social transformation, welfare policies
For citation:Kondapalli S. (2024). India-China Economic Directions – Towards Fourth Industrial Revolution. Noonomy and Noosociety. Almanac of Scientific Works of the S.Y. Witte INID, vol. 3, no. 2, pp. 40–54. DOI: 10.37930/2782-6465-2024-3-2-40-54