Move over, China. On Monday, India, the world's third largest economy, announced it expanded by 7.3 percent in the last quarter, making it one of the world's fastest growing economies. This gives investors another reason to stay bullish on India as China's economy continues to suffer, with its gross domestic product slipping to 6.8 percent in the same period.
India's 7.3 percent GDP is quite a jump from the same period last year, when growth was 6.6 percent.
"With China slowing, India is certainly carrying the day in terms of best growth rates," said Peter Boockvar, Lindsey Group's chief market analyst.
Some market watchers weren't surprised, however. "India's growth outpacing China's growth has been widely expected as China slows," said John Stoltzfus, Oppenheimer & Co.'s chief market strategist.
Several factors make India an attractive emerging market. In addition to strong growth, India is a net oil importer, which means the decline in oil prices has helped bring inflation down.