It is a very heartening news from the world's best economic magazine to read that India grew faster than China last year ..
http://www.economist.com/node/18586836
The basic flaw is that India calculates its GDP on income, while China and other countries calculates it on expenditure, with the result that all taxes and subsidies also get added in the process. If India were to include taxes and subsidies, IMF claims that India's GDP has grown by 10.36 % compared to China's 10.3 %.
Hope this anomaly is rectified and growth trajectory goes flying in the coming years, which is good news to India and the world !!
ge..
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