Rival or role model? Why Economic Survey cites China 136 times

New Delhi, July 05: The Economic Survey prepared by CEA Krishnamurthy Subramanian wants India to follow China's shining example to achieve $5 trillion economy dream envisioned by prime minister Narendra Modi.

In the 694-page Economic Survey running into two volumes, China has been referred to 136 times, much higher than the second highest for the US (70 times).

Subramanian cites China 39 times in the first chapter itself to drive home what our giant neighbour has done right or wrong, and where India needs to take a leaf out of its book or learn its lessons from the Chinese experiment.

Subramanian compared India's growth record to China in the last five years to showcase the commendable progress India made during Modi 1.0.

The Survey says, "The overwhelming evidence across the globe, especially from China and East Asia in recent times, is that high growth rates have only been sustained by a growth model driven by a virtuous cycle of savings, investment and exports catalysed and supported by a favourable demographic phase."

Without hiding its fascination for how China creates job, the survey says that they did it by fostering investment. The success story of Town and Village Enterprises (TVEs) in China became the engines of its spectacular growth and it shows how labour-intensive manufacturing investment can simultaneously boost productivity, job creation and exports, the survey quoted Wei and Balasubramanyam.

'Competitor' China was quoted extensivesly in the last survey prepared by former CEA Arvind Subramanian too, but referred to around 110 times.