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Conversations about new global growth engines inevitably focus on Asia, with China dominating most such discussions. But there’s another compelling story playing out in the East. Though its top-line growth still pales in comparison to its neighbor’s rate of expansion, India is rebounding from the global downturn at least as well as the Middle Kingdom.

Like all major nations, India reacted swiftly to the recession, cutting interest rates, offering tax breaks and increasing fiscal spending. But new fiscal measures amounted to just 3 percent of GDP, compared to China’s 6 percent. And conservative lending practices have long defined the country’s banking system.