Indian economy is growingrapidly. Under Prime Minister NarendraModi's Economy initiatives, India's economy, 'the Giant Elephant' has become a 'lion.' Some experts predict that the economic growth rate of India would overtake that of china from this year. .

Earlier this year,IMF predicted that India's GDP would grow at 7.5 percent in 2015 and 2016, respectively, to be the fastest growing major economies in the world. IMF also forecasted that the Chinese economy would expand by 6.8 percent in 2015 and 6.3 percent in 2016. According to the forecasts, for the first time since 1999, India is projected to grow faster than China.

"India's economy is a bright spot in a cloudy global economy"

Indian economy is garnering attention thanks to Prime Minister Modi's economic policy. Modi has come up with a variety of business-friendly deregulation policies since he took office in May 2014.

Since then, various economic indicators have changed a lot. India's economic growth rate rose from 6.5 percent in the second quarter in 2014 to 7.5 percent in the first quarter and 7 percent in the second quarter in 2015. Prices have also been stabilized. India's inflation rate was above 8 percent earlier last year, but began to drop since the inauguration of the Modi government. The country's inflation rate in October was 5 percent.

SENSEX Index of the Bombay Stock Exchange has exhibited upward trend since Modi has taken the charge of Prime Minister, although recently it has begun to slow down. SENSEX Index, which hovered around 15,000 mark when Modi took office rose to 28,000 earlier this year. Recently, it has maintained 25,000 level.

India has received a lot of positive reviews from abroad. When IMF chief Christine Lagarde visited India earlier this year, she said that "India's economy is a bright spot in a cloudy global economy," adding "Yet, global recovery remains 'too slow, too brittle, and too lopsided', even six years after the financial crisis."

International rating agencies Moody's and S&P upgraded India's credit outlook to positive from stable. This means that they will raise India's current sovereign credit rating. India's sovereign rating by Moody's stands at 'Baa3'. If India's rating is raised to 'Baa2' or 'Baa1,' the country will receive the highest credit rating in its history.

U.S. Department of Agriculture predicted in its macroeconomic projections for 2030 that India would grow rapidly and become the third largest economy in the world in 2030, next to the U.S. and China.

India is solid despite crisis of emerging countries

Emerging economies are faltering due to slowdown in Chinese economy and a sharp drop in raw material prices, but India is an exception. Rather, international oil prices, which have more than halved compared to last year, has a positive impact on the Indian economy.

India imports 80 percent of its crude oil requirements. Crude oil imports represent 32 percent of India's total imports. The drop in international oil prices helped India to reduce its current account deficit. India's current account deficit as percentage of GDP was 4.7 percent in 2012, but was reduced to 1.4 percent last year. Reserve Bank of India governor RaghuramRajan explained that "India got a gift of $50 billion this year with the fall in oil prices."

Wall Street Journal mentioned that "Indian economy is less dependent on exports and there are not many companies that compete against China," adding "Although global trade volume has declined since the beginning of this year, India has shown solid growth."