Following table shows the growth rate of GDP percentages (%).

From the above table, the following points emerge:

1. In the 1980s, Pakistan and China were ahead of India and India was at the bottom.
2. In 2011-15, the growth rate of Pakistan declined but India’s growth rate increased.
3. In the 2011-15, the growth rate of China also declined.

The growth of the agricultural sector which employs the largest proportion of the workforce in the two countries has declined. In the industrial sector, China has maintained a double-digit growth rate whereas for India growth rate has declined. In the case of the service sector, India has been able to raise its growth rate in the 1990s while China reduced the service sector growth rate. 

The agricultural diversification implies diversification of crop production and shifting of agricultural workforce to other allied activities such as livestock, poultry, fisheries, etc and non-agricultural sector. Diversification of crops implies production of a diverse variety of crops rather than 1 specialised crop.  Diversification is essential because there is greater risk in depending exclusively on farming for a livelihood and to provide productive sustainable livelihood options to rural people. Most of the agricultural employment activities are concentrated in the Kharif season while during the Rabi season it becomes difficult to find gainful employment in areas lacking in irrigation facilities.
Therefore, expansion into other sectors is essential to provide supplementary gainful employment and in realising higher levels of income for rural people to overcome poverty and other problems. A substantial portion of Indian farming is dependent on the vagaries of monsoon, making it a risky affair to rely upon solely. Accordingly, the need for diversification is required to enable the farmers to earn from other alternative non-farm occupations. Also, agriculture being overcrowded cannot further generate employment opportunities. Therefore, the prospects of the non-farm sectors should be opened up in rural areas to provide job opportunities This lessens the excess burden on agriculture by reducing disguised unemployment.

Aggregate demand and supply define the level of income and employment at which the economy is in balance. Determination of equilibrium income, according to Keynesian theory, is established when aggregate demand, represented by the C + I curve, equals total output (Aggregate Supply or AS).

China announced its First Five Year Plan in 1953. India and Pakistan adopted similar strategies such as creating a large public sector and raising public expenditure on social development. Till the 1980s, all the three countries had similar growth rates and per capita incomes

Producer goods are all those goods which are used in the process of production i.e., which are used in the production of other goods. Producers goods include two types of goods:

1. Single-use Producer Goods: Goods used as raw material by the producers. It includes raw material like coal, wood etc. They are not capital goods as they cannot be repeatedly used in the production process.
2. Capital Goods: Goods which are used as fixed assets by the producers, like plant and machinery, which can be repeatedly used in the production process.

So, it can be said that all capital goods are producer goods, but all producer goods are not capital goods . eg. wood used in making furniture is a producer good but it is not a capital good as the wood can be used for one furniture only. The same wood cannot be repeated for another furniture.

Aggregate demand and supply define the level of income and employment at which the economy is in balance. Determination of equilibrium income, according to Keynesian theory, is established when aggregate demand, represented by the C + I curve, equals total output (Aggregate Supply or AS).

Aggregate demand and supply define the level of income and employment at which the economy is in balance. Determination of equilibrium income, according to Keynesian theory, is established when aggregate demand, represented by the C + I curve, equals total output (Aggregate Supply or AS).

In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost.

General equilibrium refers to a situation when the demand and supply of every commodity is equal in the market, whereas, partial equilibrium takes into account a part of the market. Because of partial equilibrium supply and demand of few commodities become equal.

Excess of aggregate demand (AD) over aggregate supply (AS) will lead to inflationary gap only when AD is more than AS corresponding to full employment level of output. If AD Is more than AS before that level, then it will not lead to inflationary gap.

RBI uses a Credit control monetary policy strategy to ensure that the country's economic development is accompanied by stability. It means that banks will not only contain inflationary trends in the economy but will also stimulate economic growth, resulting in increased real national income stability in the long run.