India currently has a great economy compared to the world of failing economies but we are not anywhere closer to being the number one economy soon in the future. Not compared to China at least. The Organization for Economic Cooperation and Development has predicted that China would be the world's largest economy come 2016. However, it needs to make a few reforms in the regulatory, market socio-economic and tax areas to achieve the same.

Economic Survey of China yesterday said that the nation's economy is all set to grow by at least 8.5 percent in 2013, 8.9 percent in 2014. This has not been expected by any of the analysts before. India however is not expected to reach its previous status of 7.5% growth in the coming few years despite all struggles.

China's market is at a small risk currenly only due to poor demand and inflation but the problems for china are subsiding. A slew of economic policy changes might be in order as China identifies its mistakes. OECD guarantees that with necessary changes, sustainable growth is very near.

They point out that imports and exports in the nation have gradually fallen down to a bare minimum and this is how the nation has been growing by leaps and bounds. If it continues the same with more market reforms, China will reach the number one place transcending the #2 position in less than 3 years.

(AW- Anil)