China & India : The emerging Asian powers.

India & China are one of the biggest economies in the world & their growth rate is quite near double digits. China has recently surpassed Japan & became the second largest economy while India is firmly on the fourth spot. These are the signs which support the prescience that China & India are the emerging powers of 21st century.

India & China

China has successfully achieved economic development while reducing the poverty to half the previous level within few decades . India has liberalized its economic policy after 1991 & thus marking unseen economic developments since then. India has emerged as an IT powerhouse. Outsourcing &globalization are the major trend setters here. Indian companies are growing at a very fast pace while undertaking acquisition all round the globe. Both the countries have the massive talent pool which will guarantee their future growth.
Although China & India are both on the path similar economic development, yet they highly differ in the their political system. China has authoritarian government whereas India is a democratic government. China has the advantage of implementing policies & economic reforms efficiently whereas Indian government being a sui generis, faces the problems of corruption & poor infrastructure. But democratic government imparts more personal freedom than authoritarian government as a result India possesses a booming economy backed up by entrepreneurs & MNCs. 
At the time when U.S. & Europe are bleeding from the curse of recession, their Asian counterparts are galloping new heights & new roads. It can be easily insinuated that as the 19th & 20th century marked the upsurge of England & U.S. respectively, 21st century will observe the emergence of Asian Giants.