There’s no doubting China’s emergence as a global force in recent years, particularly since it joined the World Trade Organisation (WTO) in 2002. Yet while China’s double-digit GDP growth year after year has stolen media headlines, another nation is breathing fire as part of the Asian invasion – India.

At the end of February, worries about slowing investment in China caused a wobble on the Chinese stock market and a global equity sell-off. Stocks on Wall Street fell by more than 3% overnight, and European shares experienced their biggest drop in eight months.

In future, however, it could be nervous mumblings in Mumbai that prompt world markets to go south. India is enjoying impressive levels of GDP expansion – about 9% a year – and its exports and imports have risen by about one-third in just 12 months.

Economic research group the McKinsey Global Institute estimates that by 2050 the two Asian heavyweights of India and China will account for nearly half the world’s GDP, up from a mere 6% today.

India’s current economic performance is a long way from its traditionally low annual growth rate, which stagnated at around 3.5% between 1950 and 1980.

This year marks the 60th anniversary of India’s independence from the UK. The speed at which its economy is expanding gives this massive nation of more than one billion people plenty of reasons to celebrate.

The country’s influence on the world financial stage, alongside regional neighbours such as China and Japan, has even persuaded business and financial news channel CNBC Europe to dedicate more airtime to Asia. On 26 March, the channel launched Capital Connection, a programme committed to delivering news stories that have an impact on Europe and the Far East.

The show’s European anchor based in London, Steve Sedgwick, says India has moved up the news agenda and the increasing importance of Asian economies on world business affairs must be reflected by the financial media.

“I remember the World Economic Forum in 2006, when the talk was all about India,” he says. “Its infrastructure may still be a long way behind China’s, but it is addressing this. As Asia’s financial institutions become more sophisticated, the region will have an even greater influence on the global markets.”

When India first tasted independence in 1947, its long-term aim was to be as self-sufficient as possible. In recent years it has realised that to become an economic powerhouse, it must reach outside its borders.

India wants to be seen as more than just a one-trick pony, famous for services such as telemarketing and call centres. India’s manufacturing and pharmaceuticals sectors are booming, while its outward investment strategy has become increasingly aggressive. This is due partly to the government’s much-publicised commitment to reducing poverty. It is estimated that between 350 million and 400 million Indians still live below the poverty line, mainly in rural areas.

A number of recent M&A deals have raised eyebrows in Europe and North America. The purchase of UK/Dutch steelmaker Corus – Europe’s second-largest steel producer – for €9.2bn by India’s Tata Steel is the country’s biggest-ever foreign takeover, and would have been unthinkable a few years ago.

In February, Mumbai-based aluminium and copper producer Hindalco Industries agreed to pay €2.7bn for Canadian producer Novelis. If the deal is agreed by regulators, it will make Hindalco the world’s largest manufacturer of rolled aluminium products.