"In the last year, the MSCI India index is up by 22pc, whereas China is up by only 5.8pc," said Allan Conway of Schroders. "China may have better short-term prospects, but India is less developed and so has further to grow. Add to this China's prematurely ageing population due to the one-child policy, and I would say on a five-year-plus view that India is the more attractive investment opportunity."