What the Indian economy needs to complete with China

In some ways, the India of today is similar to the China of 2007. As per Moody's, the Indian economy has recently crossed $3.5 trillion in size. The IMF expects it to exceed $3.7 trillion this year. A decade and a half ago, the Chinese economy was of comparable heft. China then had a per capita income of $2,694, while the IMF expects India's per capita income to rise from $2,379 in 2022 to $2,601 in 2023. Though there are other areas of similarity, more profound are the points of divergence. These have implications for India's growth trajectory. For one,…