Monday, June 8, 2015

India China and World Economy

Indian media — as well as several official representatives of the government — are full of excitement at the possibility that in the coming year India’s rate of growth of economic activity might actually be higher than that of China.
It is not just that the extremely rapid growth of the giant Asian neighbour is slowing down substantially, but also that India’s GDP growth is projected to be higher than before, and the Central Statistical Organisation’s latest revisions to the GDP estimates suggest that the recent deceleration was less sharp than generally perceived.
But as it happens, over the past two decades the differential performance of the two economies has been such that — even with the recent slowdown — China is still likely to account for a larger contribution to global GDP growth than India for some time to come, simply because of its much greater size.
Chart 1 describes the share of China and India in global GDP (according to World Bank estimates).
China’s great leap
This shows that until the late 1970s, the Indian economy was actually larger in size and accounted for a slightly bigger share of world GDP (although it must be borne in mind that Chinese data for that period are notoriously unreliable). It was only in 1979 — just after the agricultural reform in China that unleashed the productive forces of the peasantry in the context of a relatively egalitarian countryside — that China overtook India in terms of global income share.
Thereafter, and particularly in the 2000s, the gap grew by leaps and bounds, to the point that in 2013 the size of the Chinese economy was around 3.3 times that of the Indian economy when measured in terms of US dollars at 2005 prices.
This means that, if India is even to equal the output contribution of China in the coming year, its growth rate must exceed three times the growth rate of the Chinese economy. The difference in GDP growth is also obviously reflected in differences in per capita GDP.
Taken once again in terms of 2005 dollar prices, per capita GDP in China was only around half that of India in 1960.
China exceeded India in per capita GDP only in 1985, but thereafter the divergence was dramatic, because of the combination of faster aggregate output growth and lower population growth in China compared to India.
Per head performance
In 2013, Chinese per capita GDP was more than three times that of India.
These estimates consider GDP as estimated in terms of nominal exchange rates, in constant US$ prices for 2005. This is one way of considering the relative size of the two economies.
But a more popular way of comparing per capita GDP is the use of deflators based not on nominal exchange rates but on purchasing power parity (PPP) exchange rates that seek to establish the relative purchasing power of each currency in terms of prices of a common basket of commodities.
This has become the preferred way of comparing cross-country incomes and even poverty within countries, in much of the international discussion. However, the use of PPP exchange rates can be quite dubious, as they are based on prices of a basket of average representative consumption goods in the US, which may not be so relevant to consumption elsewhere, especially the poor in much of the developing world.
They are unchanging over time, even though consumption patterns tend to shift with technological change and evolving preferences.
PPP exchange rates are also notoriously imperfect because of the infrequency and unsystematic nature of the price surveys that are used to derive them, which can make them quite dated or even misleading.
There is a less talked about but possibly even more significant conceptual problem with using PPP estimates.
In general, countries that have high PPP, that is where the actual purchasing power of the currency is deemed to be much higher than the nominal value, are typically low-income countries with low average wages.
It is precisely because there is a significant section of the workforce that receives very low remuneration, that goods and services are available more cheaply than in countries where the majority of workers receive higher wages.
Therefore, using PPP-modified GDP data may miss the point, by seeing as an advantage the very feature that reflects greater poverty of the majority of wage earners in an economy.
There is another concern: that the use of PPP estimates may also be misleading because in effect the World Bank tends to use a simple multiple to derive the data across a long period of years, on the basis of a price survey for a particular year, without considering the significant volatility in prices that may affect genuine purchasing power.
This is particularly the case with respect to China and India, two countries for which the PPP data have fluctuated wildly over time depending upon the changing nature of price surveys and other factors.
The most recent revision of the PPP index has increased the income estimates for both countries. Charts 2 and 3 show the estimates of per capita income in US dollar terms for China and India in PPP (based on 2011 surveys) and nominal (based on 2005 prices) exchange rates.
Price concerns
It appears that the gap between nominal and PPP per capita income has been widening, but that is really an optical illusion: in fact, the World Bank in its latest estimates based on price surveys for 2011 has simply used the multiplicands of 3.22 for China and 4.5 for India to derive the PPP estimates for all the previous and subsequent years!
This explains why the per capita income estimates in PPP terms appear to move broadly in consonance with the per capita GDP of either country relative to the world average (with the differences mainly due to the change in the denominator).
This tendency would otherwise be hard to explain in economic terms, but not so hard to explain if it is simply the result of a statistical artefact!

This tendency would otherwise be hard to explain in economic terms, but not so hard to explain if it is simply the result of a statistical artefact!

Source :  

(This article was published on March 30, 2015)

Indian Architecture | Nitin Singhania

Ancient India
  • Harappan Architecture
  • Mauryan Architecture
  • Post Mauryan Architecture
  • Gupta Age
  • Development of Architecture in South India
Medieval India
  • Delhi Sultunate (1206-1526)
    • Imperial Style (Developed By Empire – a state initiative)
      • Slave Dynasty 1206-1290
      • Khilji 1290- 1320
      • Tughlaq 1320 -
      • Lodhi
    • Provincial Style (Other than Empire)
      • Jaunpur
      • Malwa
      • Bijapur
  • Mughals (1526-18th century)
    • Babur
    • Humayun
    • Akbar
    • Sahjahan
    • Aurangjeb
Modern India
  • Indo- Gothic Style
  • Neo Roman Style

Sculpture vs Architecture

Architecture refers to designing and construction of building whereas Sculpture is 3-D work of Art.
In Architecture, various types of materials are used ie stones, wood, glass, metal etc. Whereas sculpture is made of single piece of material.
Architecture involves study of engineering and engineering mathematics and depends on measurement whereas sculpture involves creativity and imagination, may not depend on measurement.

Harappan Civilization

  • Seals are square, rectangular, circular or triangular piece of material – mainly stones. with an average size of 2’X2′ . Dominantly square seals were found on them, we find picto-graphic scripts along with animal impressions which are yet to be deciphered.
  • Seals are made up of steatite(a river soft stone). Evidences of copper, gold and ivory seal has also been found in some instances.
  • 5 signs or symbols on an average are present on seals.
  • Direction of writing is from right to left.
  • eg . Pashupati seal, Unicorn Seal
  • Seals are decorated with animals motifs such as unicorn, bull, rhinoceros, tiger, elephants, bison, goat, buffalo except cow etc.
  • Inscriptions or human figures are present on both sides of seals. Even in some cases, these are present on all three sides.
Significance and Purpose of seals
  • Mainly used as a unit of trade and commerce
  • Also used as an educational tools
  • Used as amuletes(for protective and spiritual purpose). Found with dead bodies and had a hole for wearing.
Terracotta Figures(Sculpture)
  • Fired/ Baked clay
  • These figures are hand made using pinching method
  • Mother goddess, toy carts with wheels, bird and animal figures
Bronze sculptures
  • Bronze casting was practised on wide scale under harappan art.
  • The technique used for casting is known as lost-wax technique
  • Under this technique, at first wax figures are covered with a coating of clay and allowed to dry. Then it is heated and molten wax is allowed to drain out through a tiny hole at the bottom of clay cover. The hallow mould is then filled with bronze or any other metal. Once the metal is cooled, the clay is removed.
  • Excavations where it was prevalent- Kalibangan, Daimabad, Harappa.
  • eg. Bronze dancing girl => It is naked girl wearing only ornaments which include bangles, armlets, necklace, amulets. The left hand is on the hip. It is made using lost wax technique.
Other stone sculpture
  • Bearded Priest
  • Male torso (Red sandstone>
Red and black pottery ( Painted pottery)
  • It consists of mainly, wheel-made. Very few are handmade.
  • The more common is plain pottery
  • Under red and black pottery, red color was used to paint the backgraound and black color to draw design of trees, birds, animals, human figures and other geomatrical patterns.
Use of pottery
  • For household purposes – storage of water, foodgrains etc.
  • For decoration – miniature vessels were used for decoration(Less than half inch)
  • Used as perforated pottery (Large hole at the bottom and small holes all over the wall and was probably used for straining liquor)
    • They are made of large variety of materials ranging from preceious metals, gemstones, bones and even baked clay
    • Necklaces, armlets and finger rings were common and worn by both males and females, While women wore ear-rings and anklets.
    • evidences of dead bodies buried along with ornaments have also been found
    • Harappans were also conscious of fashions as different hair styles, wearing of beard etc has been found
    • Cinnabar was used as cosmetic lipstick, face paint and even eye liner were all known to them
    • Spinning of cotton and wool were most common among harappans.
Extensive Town Planning
    • Houses were built of baked bricks, of fixed sizes
    • Use of stones and wood in building have also been found
    • the concept of 2 storied house was also present
    • Public bath was common feature. eg – Great bath at Mohan jodaro. It has galleries and rooms on all sides.
    • Granaries was another important creation which used to be located in citadels.
    • Drainage System of harappa was note worthy. There was temporary cover of drains, underground.
    • Roads used to cut at right angle

Mauryan Art

Mauryan Art is divided into 2 =>
  • Court Art – with state initiative eg. Pillars, stupas etc.
  • Popular art – With individual Initiatives eg. Caves, Sculptures and pottery
Mauryan Pillars
Mauryan Pillars
  • Mauryans Pillars have outside influence (Perisan or Iranian or Achaemenian influence) – Bell shaped capitals have been taken from Persian.
  • Mauryan Pillars were made up of Chunar sandstones
  • Uniformity can be seens in the pillars
  • Edicts are inscribed on pillars
  • Animals were bulls, galloping horses, lions , elephants etc.
Achaemanian Pillars versus Mauryan Pillars
  • Shaft monoliths in mauryan whereas in achaemanian pillars were made up of various pieces of sandstones.
  • Achaemanians pillara not independently erected, found in buildings
  • High polishing can be seen in both
Purpose of Pillars
  • as a symbol of the state
  • To commemorate victory – eg- Lauria Nandangarh – Champaran in Bihar, Sarnath Pillars near Varanasi.
Mauryan Stupa Structure
Mauryan Stupa2
  • It is conventional representation of funeral cunrulus, in which ashes of the dead are buried
  • It is a Buddhist monument which is hemi-spherical dome with Buddha’s relics and ashes inside
  • However the concept of stupas started in the vedic period
  • In Buddhist tradition, originally 9 stupas were built after the death of Buddha, 8 of them over his relics and ashes and 9th over the vessel in which the relics were originally deposited.
  • Core of stupas were made of unburnt bricks and outer surface with burnt brick covered with a thick layer of a plaster.
  • CHHATRAS represents TRIRATNAS(Buddha-enlightened, Dham – Doctrine, Sangha – Order) of Buddhism – They are umbrella shaped.
  • Sculpture can be seen on Torana and Medhi
  • Maximum number of stupas were constructed by King Ashoka – 84000
  • Examples of Stupas are – Sanchi Stupas built by Ashoka, Barhud Stupa By Shunga Dynasty, Oldest Stupa – Paprahawa in UP
Popular Art
  • Caves
  • Sculpture
  • Pottery
    • The beginning of rock cut architecture. Two features were added by Mauryans-
        Polishing inside the cave
        Development of artistic Gateway
    • Examples = Barabar Cave(4) and Nagrajuni cave(near gaya)(3) – called 7 sisters
Uses of Caves
Caves were used as viharas in Mauryan Age. The viharas were given to Jain Monks – Ajeevikas.
  • Yaksh and Yakshini – Objects of worship in folk religion
  • Yaksh has been found at Parbham in UP and also Pawaya in Gwaliar
  • Yakshini found at Didarganj in Bihar
  • These figures are associated with all 3 religions – Jainism, Buddhism and Hinduism.
  • In Buddhism, figures found on stupas
  • In Jainism – all 24 Jain Thirthankaras are associated with a Yakshini.
  • In Hinduism – A Tamil text ‘Shilpodiganam’ also mentions about Yakshini.
Northern Black Polished Ware (NBPW)
  • Black color was used
  • Highly lusturous Polish
  • It is a luxury ware showing maturity
  • Highest level of pottery making


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