The Indian economy expanded by 7.4pc in the three months to September compared with a year ago, following growth of 7pc in the second quarter, according to the country’s statistics office.

The International Monetary Fund (IMF) believes China will grow by 6.8pc this year, and 6.3pc in 2016. By contrast, India is expected to grow by 7.3pc this fiscal year and 7.5pc in 2016-17.

“While China’s working-age population may shrink, India’s is still growing quickly.”

HSBC

Economists have also highlighted India’s favourable demographics when comparing the two nations.

HSBC said on Monday that the positive impact of China’s decision to abandon its one-child policy, which officials have claimed will boost the country’s growth rate by 0.5 percentage points and add 30m people to China’s workforce by 2050, was unlikely to be seen “for decades”.

“While China’s working-age population may shrink, India’s is still growing quickly,” analysts said in a note.

Earlier this year, a study by the United Nations predicted India would overtake China to become the world’s most populous nation by 2022.