India can learn a lot from Korea’s economic boom -Vivek Kaul
In 1961, the per capita income of India and South Korea was similar at $85.4 and $93.8. In 2019, there was a huge difference as they stood at $2,104.1 and $31,762, respectively. How did that happen and what can India learn from it? Mint explains
* What has happened between 1950s to now?
As Arvind Panagariya, the first vice-chairman of NITI Aayog, writes in India Unlimited: “In the early 1950s, South Korea, Taiwan, Singapore, China, and India had comparable per capita incomes. The first three switched to outward oriented policies in the early to mid 1960s, resulting in wholesale economic transformation." Export oriented policies ensured that South Korea grew at 8.97% per year between 1960-2000, with the GDP (in constant 2010 US dollars) jumping from $23.3 billion to $724.6 billion. The fast growth was due to labour-intensive exports, which by 1972 accounted for 72.5% of Korea’s goods exports.
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Livemint.com, 19 July, 2020, https://www.livemint.com/news/india/india-can-learn-a-lot-from-korea-s-economic-boom-11595171878296.html