All three countries, India, Pakistan and China began towards their economic development at the same time. In addition, India and Pakistan attained independence in the year 1947. However, China was an independent economy in the year 1949.
India and Pakistan began with similar strategies for creating larger public sector units. And soon began working on raising public expenditure on social development.
All the countries began planning their development strategies in a very similar fashion. India made an announcement of its first 5-year plan in the year 1951. However, Pakistan made its 5-year plan announcement in the year 1956. China, on the other hand, had made this announcement in the year 1953.
Up until the 1980s, all 3 countries had very similar growth rates and per capita incomes.
Economic reforms took place in all the 3 countries – India, China and Pakistan.The reasons of low growth rates are reform processes and political instability. The total cultivatable area in China accounts for 40 percent of the cultivatable area in India. China's development strategy is its Great Leap Forward (GLF) which aimed at the high-scale industrialization of the economy.

Source World Development Indicators www.worldbank.org It can be seen from the table that (i) China has the highest population size closely followed by India. The population of Pakistan is very small and accounts for roughly about one-tenth of China or India. (ii) The density of population is lowest in China and highest in India. (iii) Population has been highest in Pakistan, followed by India and China. One child norm in China has lowered the growth rate of population in the country. (iv) The *** ratio is low and biased against females in all the three countries. (v) Fertility rate is lowest in China and highest in Pakistan. (vi) China has the highest degree of urbanisation followed by Pakistan while India is still having a large majority of rural population. 

Various factors that led to the rapid growth in economic development in China are as given below
(i) China initiated to implimented the economic reforms in 1978 without any compulsion by the World Bank and IMF.
(ii) China established infrastructure in the field of health and education that helped effectively in , improving the social and income indicators.
(iii) China implemented land reforms that increased the productivity.
(iv) There was long existence of decentralised planning.
(v) The size of individual enterprises was kept small.
All the factors mentioned above helped positively towards economic development.

The centerpiece of India's development strategy was modernization through industrialization. Public sector enterprises were created to take leading roles in all industries and sectors viewed as central to the industrialization program, including steel, chemicals, and engineering, as well as trade and finance.

• Economic Survey 2019: 7% GDP growth & USD 5 Trillion economy. 
• Union Budget 2019: Detailed Analysis & Major Highlights. 
• Corporate Tax Rate Cut to 22%: One of the lowest rates among other Countries. 
• Merger of 10 Banks: All you need to know. 
• Merger of PSU Insurance Companies: National Insurance, Oriental India & United India.

Since the country's independence in 1947, the economy of Pakistan has emerged as a semi-industrialized one, based heavily on textiles, agriculture, and food production, though recent years have seen a push towards technological diversification. Pakistan's GDP growth has been gradually on the rise since 2012 and the country has made significant improvements in its provision of energy and security. However, decades of corruption and internal political conflict have usually led to low levels of foreign investment and underdevelopment.

Historically, the land forming modern-day Pakistan was home to the ancient Indus Valley Civilization from 2800 BC to 1800 BC, and evidence suggests that its inhabitants were skilled traders. Although the subcontinent enjoyed economic prosperity during the Mughal era, growth steadily declined during the British colonial period. Since independence, economic growth has meant an increase in average income of about 150 percent from 1950 to 1996, But Pakistan like many other developing countries, has not been able to narrow the gap between itself and rich industrial nations, which have grown faster on a per head basis. Per capita GNP growth rate from 1985 to 1995 was only 1.2 percent per annum, substantially lower than India (3.2), Bangladesh (2.1), and Sri Lanka (2.6). The inflation rate in Pakistan has averaged 7.99 percent from 1957 until 2015, reaching an all-time high of 37.81 percent in December 1973 and a record low of -10.32 percent in February 1959. Pakistan suffered its only economic decline in GDP between 1951 and 1952.

The Gross National Income (GNI) of China is $11,850. There is only high human development in China rather than very high development because, although the country is improving, it hasn't improved enough. Since it has improved it isn't in the medium or low category. China is in stage 4 of Rostow's Modernization Model. China's strong productivity growth, spurred by the 1978 market-oriented reforms, is the leading cause of China's unprecedented economic performance. Despite significant obstacles relating to the measurement of economic variables in China, these findings hold up after various tests for robustness.

In 1959, Pakistan became concerned that Chinese maps showed areas of Pakistan in China. The willingness of the Chinese to enter the agreement was welcomed by the people of Pakistan. Negotiations between the nations officially began on October 13, 1962 and resulted in an agreement being signed on 2 March 1963. At these rates, India will overtake China's population by 2025 AD.  At present the average age of the Indian population is 27 years, while for China it is 35 years. India's population projected to 2019 is about 1.28 billion while China is 1.36 billion. China has a higher growth rate of GDP than India ever since 1980.

Although China's agricultural output is the largest in the world, only 10% of its total land area can be cultivated. ... Of this approximately 1.4 million square kilometers of arable land, only about 1.2% (116,580 square kilometers) permanently supports crops and 525,800 square kilometers are irrigated. These are the Northeastern Plain, the North China Plain and the Middle-Lower Yangtze Plain . Benefiting from climate, topography , economic and historical factors, eastern China has become the major agricultural production area in the country. It is a staggering accomplishment that China is able to feed 20 percent of the world's population with only 7 percent of the world's farmland. The relationship between the Chinese people and their land is further complicated by the uneven distribution of the population.

As of 2019, the GDP of India is around of 10 times greater than Pakistan. In nominal terms, the gap is wider (above 10 times) than PPP terms (below 10 times). In 2019, the per capita income of India would be 1.62 times an all-time higher than Pakistan on an exchange rate basis. But in 2019, China's GDP is 4.78 times greater than India. On a PPP basis, the GDP of China is 2.38x of India. China crossed the $1 trillion mark in 1998 while India crossed 9 years later in 2007 at an exchange rate basis. Both countries have been neck-to-neck in GDP per capita terms.

The Great Leap Forward (GLF) was a campaign initiated in 1958 in China by Mao's, which was aimed to modernise the China's economy. The campaign was imitated towards the large scale industrialisation in the country not concentrated only in the urban areas. The people were motivated to set up industries in their backyards. In the rural areas commune system was implemented. Under this system, people were engaged in collective farming. There were 26,000 communes covering almost all the farm population.

The Chinese economic reform  refers to the program of economic reforms termed "Socialism with Chinese characteristics" and "socialist market economy" in the People's Republic of China (PRC). The reforms were started by reformists within the Chinese Communist Party—led by Deng Xiaoping—on December 18, 1978, during the "Boluan Fanzheng" period. They went into stagnation after the 1989 Tiananmen Square protests, but were revived after Deng Xiaoping's Southern Tour in 1992. In 2010, China overtook Japan as the world's second-largest economy.

Before the reforms, the Chinese economy was dominated by state ownership and central planning. From 1950 to 1973, Chinese real GDP per capita grew at a rate of 2.9% per year on average, albeit with major fluctuations stemming from the Great Leap Forward and the Cultural Revolution. This placed it near the middle of the Asian nations during the same period, with neighboring capitalist countries such as Japan, South Korea, Singapore and rival Chiang Kai-shek's Republic of China (also known as the Four Asian Tigers) outstripping mainland China's rate of growth. Starting in 1970, the economy entered into a period of stagnation, and after the death of Mao Zedong, the Communist Party leadership turned to market-oriented reforms to salvage the failing economy.

The Communist Party authorities carried out the market reforms in two stages. The first stage, in the late 1970s and early 1980s, involved the de-collectivization of agriculture, the opening up of the country to foreign investment, and permission for entrepreneurs to start businesses. However, a large percentage of industries remained state-owned. The second stage of reform, in the late 1980s and 1990s, involved the privatization and contracting out of much state-owned industry. The 1985 lifting of price controls was a major reform, and protectionist policies and regulations soon followed, although state monopolies in sectors such as banking and petroleum remained. In 2001, China joined the World Trade Organization (WTO). The private sector grew remarkably, accounting for as much as 70 percent of China's gross domestic product by 2005. From 1978 until 2013, unprecedented growth occurred, with the economy increasing by 9.5% a year. The conservative Hu Jintao's administration regulated and controlled the economy more heavily after 2005, reversing some reforms. On the other hand, a parallel set of political reforms were launched by Deng in 1980, but eventually ended in 1989 due to the Tiananmen Square protests.

Development Path of India & its Neighbours
We study the development path of India in comparison with Pakistan and China because of the similarities these countries exhibit with India in the sense that all the three countries set out on their respective development paths roughly around the same time. India and Pakistan became independent countries in 1947, while the People’s Republic of China came into existence in 1949.

All these countries followed the process of economic planning in the initial years of their development planning. India undertook its first Five Year Plan from 1951-56. Pakistan announced its first plan, called the Medium Term Plan in 1956. China announced its first plan in the year 1953. India and Pakistan placed a similar thrust on the relative importance of the public sector and social expenditure.

All three countries had similar growth rates till the 1980s. their per capita incomes were nearly around the same figure. India undertook economic reforms in 1991. Pakistan implemented reforms in 1988, while China did so in 1978.

Development Strategy of India
In the development path of India, it first undertook the policy of closed trade. This was to give a thrust to domestic industries and reduce dependence on foreign products and companies. Thus, India followed what is called the import substitution strategy. Trade and interaction with the outside world remained limited. This outlook continued till 1991 when India finally decided to open its borders to free trade and liberalized its economy by allowing foreign companies to enter the Indian economy.

A thrust was given to employment generation under the Five Year plans. This was to make up for a rising population and lacking jobs to absorb the increased workforce size. Rural development was also given importance in India, for the important constituent it was of the Indian landscape.

Poverty alleviation came as a corollary of rural development and a part of the development path of India. India inherited a poverty-stricken economy from the British rule, which had destroyed its resource base completely. Therefore, poverty alleviation programmes and policies formed a major part of election campaigns and party promises.

The public sector was given significant importance, Private companies and industries were subject to strict regulations and standards. It was believed that the government was the sole protector of the people and would work towards social welfare.

Development Strategy of China
One of the key highlights of China’s development strategy is its Great Leap Forward (GLF). The strategy aimed at the high-scale industrialization of the economy. Rural communities were allowed to undertake collective cultivation. Urban communities were encouraged to undertake industrialization by even setting up industrial workshops in their backyards.

China has always followed a communist ideology. Severely critical of the free market forces and capitalism, the Great Proletarian Cultural Revolution was launched in 1966-76 under the leadership of Mao Tse Tung. Following the revolution, China reformed its economy in 1978.

Reforms in agriculture allowed cultivators to keep the income from their lands after paying taxes. Industrial reforms were aimed at promoting collective local production. The public enterprises were exposed to foreign competitors as a result of the reforms. The goal was to generate enough surpluses to finance the modernization of mainland China. To this end, China set up Special Economic Zones (SEZs) to invite investors to set up economic units in its territory.

The budget of a government is a summary or plan of the intended revenues and expenditures of that government. There are three types of government budget : the operating or current budget, the capital or investment budget, and the cash or cash flow budget. Four Main Types of Budgets/Budgeting Methods. There are four common types of budgets that companies use: (1) incremental, (2) activity-based, (3) value proposition, and (4) zero-based. These four budgeting methods each have their own advantages and challenges, which will be discussed in more detail in this guide.

An embassy is a group of government officials, headed by an ambassador, who represent their government in a foreign country. The building in which they work is also called an embassy. The primary purpose of an embassy is to assist American citizens who travel to or live in the host country. U.S. Foreign Service Officers also interview citizens of the host country who wish to travel to the United States for business, education, or tourism purposes. ... The main embassy building is called the chancery.

The excess of benefits from the consumption of a commodity over the sacrifice made in terms of price paid for the commodity is called consumer's surplus.

GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.

The primary functions of a commercial bank are accepting deposits and also lending funds. Deposits are savings, current, or time deposits. Also, a commercial bank lends funds to its customers in the form of loans and advances, cash credit, overdraft and discounting of bills, etc.

The 1991 Indian economic crisis was an economic crisis in India that resulted from poor economic policies and the resulting trade deficits. India's economic problems started worsening in 1985 as the imports swelled, leaving the country in a twin deficit: the Indian trade balance was in deficit at a time when the government was running on a large fiscal deficit. By the end of 1990, in the run-up to the Gulf War, the dire situation meant that the Indian foreign exchange reserves could have barely financed three weeks' worth of imports. Meanwhile, the government came close to defaulting on its own financial obligations. By July that year, the low reserves had led to a sharp depreciation of the rupee, which in turn exacerbated the twin deficit problem. The Chandrasekhar government could not pass the budget in February 1991 after Moody downgraded India's bond ratings. The ratings further deteriorated due to the unsuccessful passage of the fiscal budget. This made it impossible for the country to seek short term loans and exacerbated the existing economic crisis. The World Bank and IMF also stopped their assistance, leaving the government with no option except to mortgage the country's gold to avoid defaulting on payments.

In an attempt to seek an economic bailout from the IMF, the Indian government airlifted its national gold reserves.

The crisis, in turn, paved the way for the liberalisation of the Indian economy, since one of the conditions stipulated in the World Bank loan (structural reform), required India to open itself up to participation from foreign entities in its industries, including its state owned enterprises.

The goals of Five Year plans are growth, modernisation, self-reliance and equity.

Growth: It refers to an increase in the countries’ capacity to produce the output of goods and services within the economy. The right indication for growth of an economy is steady increase in the Gross Domestic Product (GDP). It is derived from the various sectors of the economy such as the agricultural, industrial and the service sector.

Self-reliance : An economy has to reduce the dependency on foreign countries for import of food items, technology, capital goods. As we depend more om imported goods, it may lead our economy to a vulnerable condition.