India vs China

China and India are the two neighbour nations having about 37% population of the world. India and China have ruled almost half of the world trade from 15th to the 18th century.This pattern continued till India bacame the part of the British Empire, and Chinese trade was also controlled by England, France and the US. India became independent and China turned to communism in the mid 20th century. After that these both contries began to restruct their economies. In the 21st century the China and India became the world's fastest growing economies and the focus of global trade seemed to be shifting to the east. Let us have a look at the journey of the growth of these two nations over 500 years:
16th Century:
INDIA
As Arab businessmen exported Indian goods to Europe through Red Sea and Mediterranean Sea India's economy had a 24.5% share in the world's income.It was the world's second largest after China. India had a very nice balance in trade by earning gold and silver in exchange to sugar, spices, indigo, carpets etc.
CHINA
Direct trade between China and Europe through Sea began with the portuguese, who rented an outstation at Macau in 1557. Other Europeans follwed them. India and China traded with each other through terrestrial routes.


17the Century:
INDIA
This was the time of Mughal Empire. Mughal raised the India's income to the £17.5 million.As the Mughal empire reached its pinnacle under Shah Jahan, Indian exports exceeded its imports.Chinese ships land at Quillon and Calicut, while in Khambat the trade was so high that about 3,000 ships arrived there every year.
CHINA
China was still controlling the 25% of world trade.The Britishes established a post at Canton in 1637.As the Qing emperor reduces the restrictions on the trade through sea in the 1680's, the trade flourished more and more.But when China Conquered the Taiwan, the sea trade made them frightened about the conquest.
18th Century:
INDIA
Then India was governed by the Aurangzeb who had 24.4% share in the world income, the largest in the world. But as the Mughal empire started to decline, the East India Company disrupted trade relations between the Indian buisnessmen community and rest of world.
CHINA
China's share of global trade began to decline by 1760's. Then the government implemented rules and regulations for foreigner ships and foreigners.Canton was the only port open to foreigner traders.In 1776 when America fought the war of Independence, Americans began to trade with China.This putback the British  economy.
19th Century:
INDIA
In 1820, Indian economy was completely controlled by the East India Company.Then the Indian economy was the 16% of the world income.The company increased the opium trade with China. The Indian agriculture pattern was changed by the company. India had a 12.2% share of world income by 1870.
CHINA
The Qing king refused to allow foreigner traders and was thinking about stopping the opium trade with India. Due to differences between Chinese and British governments there were wars between them twice.But China was defeated and allowed the opium trade with India and also permitted the western traders to access its most developed areas. Tea exports increased 500% in eight years from 1843, totalling 42,000,000 Kg in 1855.
20th Century:
INDIA
In 1913, India had merely 7.6% share of world income.In 1954, seven years after the independence, it was just 3.8%.By 1973, its economy has grown to $494.8 billion, which is just 3.1% of world income.In 1991, economic liberalization is initiated by P V Narasimha Rao. By 1998 the indian economy has a share of 5% in world income.By 2005, indian economy was $3,815.6 billion or a 6.3% share of world income.Now India is the forth fastest growing economy in the world.
CHINA
China mainly produced yarn, coal, crude oil, cotton and foodgrain before the communist China came into existence. Mao Zedong set the country on a socialist path. In 1980, under Deng Xiaoping, China changes its strategy and first Special Economic Zone(SEZ) was established in Shenzhen.In 1986, Deng's "Open Door" policy inspired foreign investors.In 1992, Deng accelerated market reforms to establish a "Socialist Market Economy".Now China is the third fastest growing economy in the world.