INDIAN ECONOMY

India’s economy as a function of their mythology and peoples’ psychology

·         Majority of Indian people are Hindu, and Hindu people believes that to attain God (a goal) there is no single path and one can reach the same destination following different path which suites to an individual. Various enlighten people there suggest multiple path to attain God (goal). But the problem began to arise when enlighten people becomes scarce and there is no left who can explain them that all paths are equal and one must concentrate on final goal and not the path. So then what happen is people start arguing about the superiority of their path. They forget their ultimate aim to reach the goal, and engaged in proving that their path is the most superior path.

·         So this all thing make Indians non conformist and make their system very much noisy where each one wants to put his view above others. This makes Indian system very much slow in decision making. This effect can be seen clearly in Indian judiciary system, parliament and most of the government organization and even most of the petty group decision making process in their day to day life. Indians are therefore not as such good in team also. Thanks to western education system which has changed some scenario in private organizations and people’s thinking.

·         Indians are very much influence by their father and forefather and what they get in heritage from them. In olden days sons of warrior becomes warrior, priest becomes the priest and so on. This leads to the origin of cast system in India. The main point here is as most the Indian people like to do what their family profession is, so most of business organizations in India are family run.

·         Most of the Indian family run business owners didn’t like to include profession in their decision making process. So doing business with becomes more complicated because these organizations lack professionalism.

·         Indian people believes in the power of mind and in olden days in India enlighten people are always put above any person in community, even the warriors. And that may be one of the reasons why New Indian industries are more focused on utilization of mind. So they are more focused on innovation unlike Chinese which focuses on copying products and manufacture them with more use of physical power in lesser price.

Now some comparison between the two in brief

India	China
Very slow decision making process	Fast and centralize decision making
Unbiased but noisy decision making process	Biased but not noisy decision making
Irresponsible government	Responsible government
Put individual interest above society interest	Put society interest above individual interest
Full access to information	Biased information to masses
More home grown company with more Indian money	More Government owned organization with huge FDI

Well we can draw many more different views to predict the future but when we talk about the race between these two countries in my point of view Chinese economy has very good foundation then Indian economy and they will definitely be far ahead to India for decades unless and until any major change take place in these two countries