Ready to pass China?

India's normally subdued financial minister was recently quoted by the Associated Press as saying India could soon surpass China's growth rates.

Luce suggested the minister, Pranab Mukherjee, might be right, as India enjoys several advantages over China. Chief among them: It has a thriving private sector not dependent on government support or debt.

"These are extremely well-managed companies," Luce said. "It's not a complete stretch of the imagination to see one of India's top IT companies taking over IBM."

— SCE