This is an argument I heard from an Indian energy analyst on the internet:
It's all about Energy and Access to it. The Country that has the most energy (and can afford it) will have the highest GDP growth. That country will be the ultimate winner of the GDP race. Computer, Cars, Steel, 160 Story Mega Towers, Fertilizers -> Everything Requires Oil, Gas and Electricity. Period. You could haved predicted the winner of WWII just by looking at the energy consumption of US vs. Germany and US vs. Japan.
We've hit Peak Oil. One argument we always here is whether China can get rich before it gets old. Another equally important argument is can India get rich before energy gets too expensive. Every country on earth is competing for this same energy and it costs the same no matter if you're a rich or a poor country.
GDP, PPP, GDP/capita, PPP/capita are all less important than Megawatt Hours and Barrels of Oil. Just look at North Korea vs. South Korea and their energy comsumption. The Chinese think tanks knows this fact. That's why the Chinese have been franticly looking for energy all over the world and securing it. Using energy consumption as a measures, India is way, way behind China. So it has a lot to catch up. As it keeps buying, it will only get more expensive (unless you've locked in the price by owning the oil & gas fields or coal mine). Does India's think tank know this?? I don't think so. It's happily importing useless jet fighters when it should be competing head to head with China for energy all over the world. India can buy 2,000 of the latest European, Russian and American 5th-gen fighters, it won't matter if you can't afford to power them.
Meanwhile, I read articles in the Indian press about "What Kind of Super Power will India be in 2025 ?" I'm not making this up. Incredible.