In the investment world, there's often so much talk about China in the United States that the tremendous success in India gets short shrift. But business there is booming.
The world's third-fastest growing economy is set to expand by 8.5% this year, the most in the past half-decade. Such rapid growth has compelled the central bank to lift interest rates four times in the past six months.
Compare that with the U.S. Federal Reserve, which has made clear it intends to keep rates low through at least the middle of next year due to limp demand and negligible inflation.
While American consumers are burdened by high levels of debt and joblessness, India's urban middle class and farmers – who have enjoyed a year of ample but not over-abundant rainfall and rising prices – are eager to spend their newfound wealth.