Well, a few Points :
1. Indian Media is SHIT, when talking about Econimics and Technology
2. 99% Educated Indians will HUMBLY ACCEPT, that China is Miles ahead in Most Areas, Thanx to the efforts made in the past 4 Decades.
3. India started its Economic Journey atleast 3 decades after China in 1990s.
But the MOST IMPORTANT Aspect of this ( so called ) RACE is the path taken by the two nations. For Example our Approach towards Space is ENTIRELY different than CHINA's. CHINA is directly trying to be an Equivanent of USA, while we are focusing on a SUSTAINED DEVELOPEMENT.
For Example, While India TODAY has all the Infra and Technology to Launch a Man in Space, But thats Not a priority. We are Focusing on 15 Tom GTO Capability As early as 2020.
Another Aspect, which will be explored sooner or Later is the Cooperatoon of the Two Economies. Chinese companese are ALREDY BUSY with Several HIGH SPEED RAILWAY PROJECTS in INDIA !
Some Interesting Ideas and Comparisions :