India's resilient consumer market offers global investors an opportunity as demand decelerates in most major economies, including China, which is witnessing a turmoil in the equity and currency markets, media reports said, adding that India can now overtake China as the driver of world economy.
This comes at a time when its government under Prime Minister Narendra Modi is pushing hard with its `Make in India' policy, which aims to make India a manufacturing powerhouse.
"Now India's resilient consumer spending is an advantage as demand decelerates almost everywhere else. It is luring companies to produce in India and, the government hopes, can help spark a belated industrial revolution in the country of 1.2 billion." says The Wall Street Journal in a report.
"For years, growth in India has been fueled more by domestic demand - not, as in China, by manufacturing goods for sale abroad,'' the newspaper said.
The report, however, failed to note that India is also not manufacturing enough goods for sale within as the country continues to import more that it exports.
It, however, noted that India is not highly dependent on foreign capital to finance imports and that the country still has enough foreign reserves.
It further said India hasn't been rattled as badly as Brazil, Russia or South Africa.
The report also adds that the large population of India who are buying more stuff than they used to is an attraction for growth-hungry companies and investors.
India's output is still too small and its people too poor to become a replacement engine for the world economy in the near future.
For companies looking for growth, however, needs an alternative to China, whose economy is witnessing a period of turbulance as reflected in its equity and currency markets.
The world needs other engines to carry the growth process. And an economy which can grow at 8-9 per cent, like India, certainly can pull the rest along, providing viable support to the global economy.
Indian economy grew by 7.3 per cent in 2014-15 and is estimated to grow by 8-8.5 per cent in the current fiscal.